Iran Missile Strikes Drive Global Oil Prices Up 3% Amid Hormuz Fears

Brent crude and West Texas Intermediate (WTI) benchmarks rose by more than 3% on Tuesday evening following Iran’s missile barrage against Israel. The escalation has intensified market fears of a wider regional conflict that could disrupt energy supplies through the Strait of Hormuz, the world’s most vital maritime oil chokepoint. Market Reaction to Regional Escalation Brent futures jumped $2.44 to trade at $74.14 per barrel, while US WTI rose $2.46 to reach $70.63. The price spike followed confirmation from the Israeli military that approximately 180 missiles were launched from Iran, forcing millions of residents into shelters and prompting temporary closures of regional airspace in Jordan, Iraq, and Israel. Prior to the attack, oil prices had been trading near two-week lows as markets weighed increased supply from OPEC+ against sluggish global demand. However, the direct involvement of Iran, a major OPEC producer, has reintroduced a significant risk premium to the market. The Strait of Hormuz Risk Energy analysts are now monitoring the Strait of Hormuz, a narrow waterway between Iran and Oman. Approximately 20% of the world’s daily oil production passes through this corridor.…