US military action against Iranian targets and the reinstatement of a US naval blockade on Iranian ports have driven international oil prices higher.
The US Central Command confirmed that the strikes targeted facilities for missiles and drones, maritime assets, and coastal defense systems.
On Wednesday, crude oil markets experienced volatile upward movement due to a new round of US strikes against Iran and the reimposition of a US maritime blockade near Iranian ports around the Strait of Hormuz.
US West Texas Intermediate (WTI) crude for August delivery rose 0.45% to $79.70 per barrel, while the international benchmark Brent crude for September increased 0.68% to $85.31 per barrel.
The US Central Command announced on Tuesday evening local time that US forces conducted a new round of strikes lasting seven hours against dozens of military facilities around the Strait of Hormuz and along the Iranian coast.
The command stated that the operation employed fighter jets, drones, and naval vessels to target missile and drone production facilities, maritime military equipment, and coastal defense systems, with the aim of further degrading Iran's ability to threaten international commercial shipping.
Earlier that day, US forces had re-established a maritime blockade on vessels traveling to and from Iranian ports, followed by the initiation of these strikes.
Subsequently, US Central Command Commander Brad Cooper stated on social media that over the past week, Iran had deliberately attacked civilians, targeting a total of seven commercial cargo ships, resulting in approximately a dozen crew members killed, missing, or injured.
MST Marquee senior energy analyst Saul Kavonic commented, "The renewed escalation is sufficient to indicate that previous market expectations for a swift reopening of the strait were overly optimistic."
He added via email, "The military conflict and the reinstatement of the blockade have returned the situation to a path of continuous escalation. If the current high-intensity confrontation persists for several weeks, oil prices could once again test $100 per barrel; should regional petroleum infrastructure come under attack, the price increase would be even greater."
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