Oil Jumps Past $106 as US Strikes Iran and Hormuz Standoff Threatens Global Energy

Oil Jumps Past $106 as US Strikes Iran and Hormuz Standoff Threatens Global Energy

Oil prices climbed back above $106 a barrel after US strikes on Iran, with the two sides still far apart on a deal to reopen the Strait of Hormuz, the world's most important energy chokepoint [277819][277817].

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Brent crude rose 1.7% to above $106 a barrel on Tuesday, recovering part of a sharp drop from the previous session, as investors grew doubtful that Washington and Tehran were close to ending their war [277817]. The gains followed US strikes on Iran, and the two sides remain far apart on a deal to fully reopen the Strait of Hormuz, the narrow waterway through which a large share of the world's oil passes [277819][278038].

The uncertainty weighed on markets, with S&P 500 futures slipping 0.2% as investors monitored events in the Middle East for signs that could affect global oil supply [277817][277740].

The International Energy Agency (IEA) warned that disruptions in the Strait of Hormuz have exposed serious security vulnerabilities across the Middle East. Rising fuel costs are straining oil producers, importing nations, and countries already affected by conflict, the agency said, adding that the combined pressure threatens regional stability and the wider energy market [278038].

The war is also taking a toll on global gas supplies. The IEA said global liquefied natural gas (LNG) output is heading for its steepest annual decline on record as the Iran war cuts off supplies and increases competition among importing countries [277738].

The IEA's warning highlights how energy supply routes remain a weak point for global security [278038].

Sources

Oil jumps as US strikes Iran #277819Oil prices jump as US votes: Markets on edge #277817**Hormuz Disruptions: IEA Warns Mideast Energy Crisis Threatens Global Security** #278038Iran war to cause record drop in global LNG supply, IEA says #277738Oil Prices Drop as Markets Watch Middle East #277740

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