SINGAPORE – Global oil prices jumped by more than 4% on Monday as concerns intensified over the security of energy supplies passing through the Strait of Hormuz following fresh military action involving the United States and Iran.
Brent crude gained $3.10, or 4.08%, to reach $79.11 per barrel by 0325 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude advanced $2.95, or 4.11%, to trade at $74.36 a barrel.
Earlier, US Central Command (CENTCOM) completed a new wave of offensive strikes against Iran, July 12, hitting dozens of targets at multiple locations with precision munitions to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
In an official statement, it said CENTCOM forces struck Iranian military air-defense systems, coastal radar sites, missile and drone capabilities, and small boats using U.S. fighter aircraft, naval vessels, one-way attack aerial drones, and one-way attack sea drones for the first time.
The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it.
US forces are postured and prepared to ensure that freedom of navigation remains available to commercial shipping despite Iran’s continued unwarranted aggression, harassment, threats, and arbitrary declarations.
The Islamic Revolutionary Guard Corps (IRGC) has also claimed targeting US military bases in Kuwait, Jordan and Bahrain.
On the other hand, Bahrain activated missile alert sirens for a second time after Iran launched retaliatory strikes.
