Global oil markets have reacted swiftly to escalating tensions in the Middle East as the United States and Israel continue their assault on Iran.
After oil tanker traffic through a key chokepoint, the Strait of Hormuz, stopped, the benchmark oil price, Brent crude, jumped about 6% to over US$77 a barrel. It initially spiked as high as US$82, its highest level since January 2025.
A roughly US$10 jump in a matter of days is a significant move and delivers an immediate inflationary jolt for oil-importing economies.
