Oil prices climbed to $80 per barrel on Tuesday as rising tensions in the Middle East unsettled global commodity markets, intensifying concerns over potential supply disruptions and pushing energy costs higher.
The escalation follows fresh threats to maritime traffic through the Strait of Hormuz, a vital artery for global oil shipments. Fears of interruptions in the region have amplified volatility across energy markets.
The international benchmark Brent Crude rose about 2.1% to trade near $80 per barrel, up from its previous close of $78.15. Meanwhile, West Texas Intermediate (WTI), the US benchmark, also gained 2.1%, reaching $72.85 per barrel compared to $71.33 in the prior session.
The price surge came after Iran’s Islamic Revolutionary Guard Corps (IRGC) announced the closure of the Strait of Hormuz and warned that vessels attempting to pass through could face attack.
Brig. Gen. Ebrahim Jabbari, a senior adviser to the IRGC’s commander-in-chief, stated on Iranian state television that Iran would block transit through the strategic waterway in response to US-Israeli strikes. He cautioned that ships crossing the strait could be targeted and set ablaze, adding that oil pipelines might also come under attack. Jabbari declared that Iran would not allow “a single drop of oil” to exit the region.
While analysts consider a prolonged closure of the Strait unlikely, they warn that any sustained disruption could propel oil prices into triple-digit territory.
At the same time, US Secretary of State Marco Rubio defended ongoing joint airstrikes by American and Israeli forces against Iran, citing what he described as an imminent threat tied to Iran’s missile capabilities and alleged plans to target US bases and regional allies.
Speaking on Capitol Hill before briefing congressional leaders known as the Gang of Eight, Rubio said the United States acted to avoid absorbing a potential attack before responding. He also noted that Washington would seek measures to mitigate the impact of rising oil prices on consumers.
Market analysts expect oil prices to remain highly reactive to geopolitical developments, with volatility likely to persist as traders assess unfolding risks.
Israel and the United States launched coordinated airstrikes on Iran on February 28, further escalating tensions despite ongoing diplomatic contacts between Tehran and Washington. Prior to the strikes, Brent crude had settled around $73 per barrel at the close of trading on February 27.
