Oil Prices Surge as US-Iran Tensions Escalate, Strait of Hormuz Blocked

Dubai. Global crude oil prices have skyrocketed following the closure of the Strait of Hormuz, a critical global oil supply route, due to the ongoing conflict between the United States and Iran. On Thursday, the price of Brent crude rose by 2.05 percent to $83.07 per barrel, while US West Texas Intermediate increased by 2.60 percent to $76.60.

The disruption of fuel supplies from the Middle East and the contraction of production facilities have generated new fears of an energy crisis in the global economy. The scope of the war has widened further after an Iranian warship was destroyed in a US attack near Sri Lanka on Wednesday.

Meanwhile, Republican members in the US Senate defeated a proposal to halt military action, supporting President Donald Trump's campaign. This political development signaled that the war would not cease immediately, causing further alarm in the energy market.

Iraq, OPEC's second-largest oil producer, has cut daily production by 1.5 million barrels due to a lack of export routes and storage capacity. Qatar, the world's largest LNG producer, has declared force majeure on gas exports, stating that normalization will take at least a month.

The Strait of Hormuz, which accounts for about one-fifth of the world's total energy consumption, has been completely shut down for five days. According to JP Morgan, approximately 329 oil tankers are currently stranded in the Gulf region.

The UK Maritime Trade Operations reported a large explosion near a tanker off the coast of Kuwait, further highlighting the risks associated with the maritime route. Although Iran has not yet directly targeted key energy infrastructure, the disruption to shipping has severely fragmented the global supply system.

Experts suggest that while technically it is not difficult to restart oil fields, the main challenge currently lies in security and logistics management. The storage capacity of countries like Saudi Arabia, the United Arab Emirates, and Kuwait, along with rising fuel prices, will likely determine the future of this military campaign and the stability of the global market.

Although Gulf nations may take two to three weeks to regain their capacity, the risk of a widespread fuel shortage across the globe increases as the war drags on.