Global oil prices have risen sharply following renewed military exchanges between the United States and Iran, with investors increasingly concerned that the conflict could affect crude shipments through the Strait of Hormuz, a major route for international energy supplies. Brent crude climbed above $95 per barrel, while US West Texas Intermediate also recorded gains.

The latest increase followed fresh US strikes on Iranian targets near the strategic waterway. Iran subsequently launched attacks against US-linked military positions in parts of the Middle East, fuelling concerns that the confrontation could spread further across the region.

Market concerns have grown amid reduced vessel movements through the Strait of Hormuz, a key passage for global oil shipments. Reports indicate that tanker crossings have fallen considerably in recent days, raising the prospect of tighter supplies and adding further pressure to crude prices.

The renewed clashes have also unsettled financial markets, as investors assess the potential impact of higher energy costs on inflation and interest rates. Analysts warn that prolonged disruption around the Strait could place additional strain on global energy markets if shipping activity remains restricted.