Escalating Regional Tensions Impact Strait of Hormuz Stability and Oil Prices

Oil prices witnessed a notable increase today, Thursday, following the United States' launch of new strikes targeting sites in Iran. This development led to diminishing hopes for an end to the ongoing conflict and the full reopening of the vital Strait of Hormuz for global navigation. Brent crude futures rose by 1% to reach $78.8 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 1.01% to $74.26. This surge occurred after both benchmark crudes had previously hit their highest settlement levels in over two weeks, subsequent to U.S. President Donald Trump's threat to bomb Iran yesterday evening. The U.S. military affirmed that its new operations aim to ensure the Strait of Hormuz remains open for navigation, coming hours after Trump declared that the temporary agreement to end the war "had ended."