Global oil prices surged sharply on Monday after Iranian officials said Tehran fired warning shots at a United States warship to prevent it from entering the Strait of Hormuz, intensifying geopolitical tensions in the region.
Brent crude prices jumped more than 5 percent, briefly nearing $115 per barrel before easing to around $111, reflecting heightened market anxiety over potential disruptions to global oil supply.
The spike followed reports from Iranian sources claiming that the naval action was taken to enforce restrictions on foreign military presence in the strategic waterway. However, US Central Command denied that any of its vessels were hit or damaged, highlighting conflicting accounts surrounding the incident.
The Strait of Hormuz, a critical maritime chokepoint through which roughly one-fifth of global oil supply passes, has become a focal point of escalating tensions amid the ongoing Iran-US standoff.
Market analysts said even unverified or disputed reports of military confrontation in the region tend to trigger sharp reactions in oil prices due to fears of supply disruptions.
The situation comes against the backdrop of a broader conflict in the Gulf, where shipping movements have already been affected and hundreds of vessels remain stranded or diverted due to security concerns.
Energy markets remain highly sensitive to developments in the region, with traders closely monitoring further escalation that could impact global supply chains.
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