Oil Market Shaken by New Strikes on Iran, Prices Rise More Than 13% This Week

Growing military tensions between the United States and Iran have rattled global energy markets, pushing crude oil prices sharply higher. Reports of fresh strikes on Iran have driven international oil prices up by more than 13 percent since the beginning of the week.

According to Anadolu Agency, Brent crude climbed above $85 per barrel on Tuesday, marking its highest level in nearly a month. During the day’s trading, prices rose by about 2.4 percent.

The U.S. Central Command (CENTCOM) said its latest military operation targeted several military facilities along Iran’s southern coast. The command said the strikes were aimed at weakening Iran’s ability to carry out attacks on commercial shipping.

Meanwhile, U.S. President Donald Trump said the operation was intended to reduce Iran’s military capabilities around the Strait of Hormuz. He also signaled that Washington could further tighten sanctions against Tehran.

Analysts warn that any disruption to shipping through the Strait of Hormuz, one of the world’s most important oil transit routes, could put additional pressure on global energy supplies and drive oil prices even higher.