Global oil prices rebounded on Tuesday after fresh military strikes by the United States in southern Iran heightened fears over the fragile ceasefire between Washington and Tehran.
The renewed tensions pushed the international benchmark, Brent crude, from around $97 per barrel on Monday to nearly $100 per barrel on Tuesday, representing an increase of about 3.5 per cent.
The price surge followed reports that US forces carried out strikes targeting missile-launch sites and other positions in southern Iran, despite growing expectations that both countries were close to reaching a peace agreement aimed at ending the three-month conflict and reopening the Strait of Hormuz to global oil shipments.
In a statement, the United States Central Command described the attacks as defensive operations.
“US forces conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces. Targets included missile launch sites and Iranian boats attempting to emplace mines,” CENTCOM spokesman Capt. Tim Hawkins said.
Iran, however, accused the United States of breaching the ceasefire agreement. Iran’s Foreign Ministry described the strikes in Hormozgan province as a “gross violation” of the truce that has reportedly held for nearly seven weeks.
The latest escalation comes as diplomatic negotiations continue between both countries over a possible memorandum of understanding that could end hostilities and restore shipping activities through the Strait of Hormuz, a critical route for global oil and gas exports.
Reports also indicated that Iranian negotiators were seeking the release of billions of dollars in frozen assets as part of the proposed agreement during talks held in Qatar.
The conflict, which reportedly began after joint US and Israeli strikes on Iran on February 28, has triggered major disruptions in global energy markets, driving up the prices of fuel, fertiliser, and food worldwide.
Iran had responded to the earlier attacks by launching missiles and drones toward Gulf countries hosting US military bases, further escalating regional tensions.
Shipping activity through the Strait of Hormuz, which handles nearly one-fifth of global oil and liquefied natural gas trade, has remained significantly below normal levels since the conflict started.
Although diplomatic efforts toward a peace deal are still ongoing, analysts fear that the latest military actions could derail negotiations and further disrupt global energy supplies.
