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Oil rises as Iran tensions flare near Strait of Hormuz
West Texas Intermediate was up nearly 4% as the report tied the move to new US strikes on IRGC targets following attacks on shipping.
Iran International reported explosions in Chabahar, Bandar Abbas and other Iranian cities near the Strait of Hormuz, renewing concerns about potential escalation.
The outlet linked the renewed hostilities to statements from US Central Command, which said US forces began striking Islamic Revolutionary Guard Corps targets in Iran after recent attempted attacks against commercial shipping in the Strait of Hormuz and against American service members in the region.
The report said West Texas Intermediate, the US crude benchmark, rose to $89.90, with the move reflecting broader market “risk-on” versus “risk-off” dynamics that typically accompany crises involving major energy routes.
It also noted that in periods of heightened tensions, investors often shift toward perceived safety, which can support safe-haven currencies and government bonds even as oil remains sensitive to conflict-related supply concerns.
Latest closeWTI crude $90.79 ▲5.9%