Oil prices surge after Middle East attacks hit the Strait of Hormuz

Oil prices jumped sharply on Sunday as U.S. and Israeli attacks on Iran triggered retaliatory strikes. According to Yahoo Finance, these hit U.S. military sites and vessels in the Strait of Hormuz. Traders fear global energy supply chaos.

West Texas Intermediate crude hit $72 a barrel, up 8% from Friday's $67, Yahoo reports. Brent crude, the global benchmark, reportedly reached $79, also up 8% from $72.87. By Monday, Brent touched $82 before easing, Yahoo says.

Strait of Hormuz faces blockade risk

The Strait of Hormuz carries 15 million barrels daily, or 20% of the world's oil supply, according to NPR. Attacks damaged two tankers there. Iran ordered no ships to pass, freezing traffic per satellite data.

Shipping giants halted voyages through the strait. Analysts say pipelines might reroute 5-7 million barrels daily. But 8 million could stay stranded, spiking prices.

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"Roughly one-fifth of global oil supply passes through the Strait of Hormuz," said Jorge Len, Rystad's senior vice president, in an email as reported byNPR. "If flows through the Gulf are constrained, additional production will provide limited immediate relief."

Iran's leader Ali Khamenei died in the strikes, said President Trump. Iran fired back at Gulf energy sites. This differs from the 2025 "12-day war," with real tanker hits now, according to Yahoo Finance.

OPEC+ boosts output amid escalation

OPEC+ nations, including Saudi Arabia and Russia, plan 206,000 extra barrels daily in April, Yahoo reports. That's more than expected. Still, experts doubt it offsets route blocks.

Gold rose over 3% to $5,400 an ounce as a safe haven, Yahoo confirmed. Saudi Aramco shares gained 3%. Higher oil prices and insurance costs loom if disruptions drag on.

Energy experts warn that prolonged conflict means steeper crude oil and gasoline costs worldwide. Markets watch if Iran fully closes the Strait. Access to export routes now trumps spare capacity, per analysts.