US-Iran Strikes Push Brent Crude Up Over 4%

The international benchmark settled at $82.30 a barrel, up $3.40, after touching an intraday high of $83.10. U.S. West Texas Intermediate crude also advanced, gaining 3.8% to close at $78.90.

The price surge followed a series of U.S. airstrikes on Iranian military targets in Syria and Iraq, which Tehran answered with missile attacks on U.S. bases in the region. The exchange raised concerns about the safety of tanker traffic through the Strait of Hormuz, a chokepoint for about a fifth of global oil consumption.

Shipping data showed at least two oil tankers altered course in the Persian Gulf on Monday, and some charterers paused new bookings for the route. The U.S. Navy said it was increasing patrols in the area, though it gave no timeline for when normal traffic might resume.

Analysts at energy consultancy FGE said the market had priced in a low risk of direct military confrontation, and the strikes forced a rapid reassessment. They noted that actual supply losses remain limited so far, but the threat of escalation could keep a risk premium in prices for weeks.

The rally added to gains from earlier in the month, when Brent had already climbed 6% on supply cuts by OPEC and its allies. Traders will now watch for any further military moves and for signs of how quickly shipping insurers adjust premiums for the region.