
The United States and Israel launched what the Pentagon and witnesses in Iran described on Tuesday as the heaviest day of bombing since the war began, while Washington widened operations around the Strait of Hormuz and said it had destroyed 16 Iranian mine-laying vessels. The move further increased risks around the world’s most critical energy chokepoint, through which about a fifth of global oil and liquefied natural gas normally passes.

Oil prices climbed above US$100 a barrel on Sunday in futures trading, reaching their highest levels since 2022 as the war in the Middle East, the effective closure of the Strait of Hormuz and fresh production cuts among Gulf producers tightened supply expectations. Reuters reported Brent rose as high as US$111.04 a barrel while West Texas Intermediate (WTI) touched US$111.24 in early trading. AP later put Brent at US$107.97 and WTI at US$106.22, both more than 16% above the previous close.

Oil became this week’s clearest barometer of the Middle East crisis, with Brent hovering near US$90 a barrel and WTI around US$87.5, putting both contracts on track for their biggest weekly advance since 2020. The same factor sits behind the surge: the de facto blockage of the Strait of Hormuz, through which roughly one-fifth of the world’s oil normally passes.

Iran’s Revolutionary Guards said on Thursday that their naval force struck a US oil tanker in the northern Gulf and that the vessel “is on fire,” raising fresh concerns about maritime security tied to the regional conflict and the safety of the Strait of Hormuz—one of the world’s most sensitive energy choke points.

Global oil prices rose sharply on Monday and European equities fell as the regional conflict intensified, following attacks on vessels near the Strait of Hormuz and Iranian warnings to shipping in a chokepoint through which roughly a fifth of the world’s oil and gas trade moves.

In response to the United States' attack on Saturday, the Iranian Parliament has approved closing the Strait of Hormuz. The decision, which could hinder international trade significantly, particularly that of oil, is awaiting approval from Iran's Supreme National Security Council.

Britain's navy will accompany UK-flagged ships through the Strait of Hormuz to provide protection after the killing of Iranian military commander Qasem Soleimani by US forces.

The British oil tanker Stena Impero, held by Iran in the Strait of Hormuz since July for alleged maritime violations, has been cleared to leave, according to local press reports published Sunday. The vessel is due to depart soon.

Great Britain’s Ministry of Defense announced that British Royal Navy will protect UK-flagged ships traveling through the Strait of Hormuz, as tensions soar in the Persian Gulf over tanker detentions.

The Council of the International Maritime Organization (IMO) has condemned recent attacks on commercial shipping in the Strait of Hormuz and Sea of Oman at its meeting in London held from 15-19 July.