Oil prices have climbed sharply as attacks on commercial shipping and stalled diplomatic efforts to reopen the Strait of Hormuz deepen concerns over global energy supplies.

Brent crude rose more than 2 percent overnight, reaching $89.61 a barrel for October delivery by 03:00 GMT on Wednesday about 24 percent higher than before the US-Israel war on Iran began in late February.

The crisis has also disrupted maritime traffic through the strategic waterway, which previously carried about one-fifth of the world’s oil supplies. Only 10 vessels crossed the strait on Monday, compared with around 130 daily transits before the conflict.

Yemen’s government has accused the Iran-aligned Houthis of killing six people in missile attacks on a commercial vessel in the Bab al-Mandeb strait, further raising concerns over the security of vital regional shipping routes. According to Al Jazeera, markets are becoming increasingly cautious as negotiations over reopening Hormuz show limited progress.

Iran has said the strait will remain closed until Washington meets conditions including war reparations and the lifting of sanctions. Qatar said talks involving Oman and Iran were at an advanced stage, while US President Donald Trump claimed Washington had control over the waterway.

Analysts say oil prices are likely to remain around $85–$90 a barrel unless diplomatic efforts produce a breakthrough and normal shipping through Hormuz resumes.

BOB Post