Global oil markets remain on high alert as crude prices continue to fluctuate between $76 and $80 per barrel, driven by renewed military exchanges between the United States and Iran and growing uncertainty over the security of the Strait of Hormuz.
Brent crude traded around $76–$77 per barrel on Friday after briefly climbing above $80 earlier in the week, while U.S. West Texas Intermediate (WTI) hovered in the low $70s. Analysts say the volatility reflects fears that the escalating conflict could disrupt one of the world’s most critical energy corridors.
The latest price swings come after U.S. forces launched fresh strikes on Iranian military targets following attacks on commercial shipping in the Strait of Hormuz. Iran responded with drone and missile attacks targeting U.S.-linked military installations in the Gulf, raising fresh concerns that the fragile ceasefire between the two countries has effectively collapsed.
The Strait of Hormuz handles roughly a fifth of the world’s oil shipments, making any disruption a major concern for global energy markets. While shipping has not completely stopped, tanker movements have slowed significantly as operators reassess security risks in the region.
Despite the renewed fighting, analysts note that oil prices have not surged far beyond $80 because traders still believe a wider regional war, and a prolonged closure of the Strait, can be avoided. Comments from U.S. President Donald Trump suggesting diplomacy remains possible have also helped temper some of the market’s fears.
Energy experts warn that oil prices are likely to remain volatile in the coming days as investors monitor developments in the Gulf. Any further attacks on shipping infrastructure or a broader escalation between Washington and Tehran could send crude prices sharply higher, with potential knock-on effects for inflation, fuel costs and the global economy.
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