Oil prices rallied on early trading in Asian markets on Friday as renewed military exchanges between the United States and Iran in the Strait of Hormuz reignited concerns over the security of a key global shipping route.
The rise comes amid fears that the fragile ceasefire between the two nations may be deteriorating, raising the risk of further disruptions to oil flows.
As of 8:29 local time in Bangkok (GMT+7), Brent crude for July delivery increased 1.13% to $101.39 per barrel, while June West Texas Intermediate futures gained 1.11% to reach $95.86 per barrel. The upward movement in oil markets followed reports of both the U.S. and Iran accusing each other of launching attacks in the strategic strait, intensifying strains on a ceasefire already tested by recurrent claims of breaches.
The latest confrontation occurs as Iran is said to be considering a new U.S. proposal aimed at ending ongoing hostilities. Despite elevated tensions, President Donald Trump stated during a Thursday interview with ABC News that the ceasefire remains active, describing the latest military action as “love tap.”
