Oil stays above $100 a barrel amid Iran’s stranglehold on Strait of Hormuz
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Oil prices have risen above $100 a barrel due to disruptions in global energy supplies amid the ongoing conflict between the United States, Israel, and Iran, which began on February 28, 2026. The surge follows Iran's pledge to maintain the closure of the Strait of Hormuz, a critical waterway for about one-fifth of global oil supplies. Traffic through the strait has significantly decreased, with only a few vessels passing through daily compared to the pre-war average. The US President has prioritized preventing Iran from obtaining nuclear weapons over concerns about rising oil prices. Asian stock markets have declined following the oil price increase and overnight losses on Wall Street.
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AI-ExtractedThe Strait of Hormuz normally transports about one-fifth of global oil supplies.
Brent crude surged more than 9 percent on Thursday.
No more than five ships have passed through the waterway each day since February 28.
Mojtaba Khamenei pledged to maintain the effective closure of the Strait of Hormuz.
Oil prices have risen above $100 per barrel due to disruption to global energy supplies.
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