WEB DESK: Global oil prices moved higher after commercial shipping activity through the Strait of Hormuz dropped sharply in the wake of recent attacks on Iran, fueling concerns about the stability of global energy supplies.
According to reports, only five commercial vessels transited the strategic waterway over the past 24 hours, highlighting a significant slowdown in maritime traffic through one of the world’s most important oil shipping routes.
The reduced movement of vessels has renewed fears of potential disruptions to energy exports, contributing to upward pressure on crude prices in international markets.
Meanwhile, the United States military stated that Iran does not control the Strait of Hormuz, as heightened tensions in the Gulf continue to influence shipping operations and investor sentiment.
In international trading, Brent crude climbed to $79 per barrel, while West Texas Intermediate (WTI) rose to $74 per barrel. UAE Murban crude was trading at approximately $75 per barrel, reflecting the broader increase in oil prices.
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