Iran Closes the Strait of Hormuz, Global Oil Prices Surged

The crucial energy route, the Strait of Hormuz, has been closed by Iran once again. This move comes in response to the additional US attack on Iran. Consequently, global oil prices have skyrocketed.

The Iranian leadership has announced the closure of the strategic waterway, including oil tankers and commercial vessels, as a retaliatory measure against the US attacks.

The closure of the Strait of Hormuz has led to a significant increase in oil prices. According to Reuters, on Thursday (11/6/2026), Brent oil futures rose by $1.48, or 1.59%, to $94.58 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude oil futures rose by $1.71, or 1.90%, to $91.74.

The escalation of the conflict has driven up oil prices, indicating that a peaceful agreement remains elusive and energy supply instability is likely to persist.

This move highlights that a peaceful agreement is still far-fetched, and energy supplies from the Persian Gulf will continue to be severely constrained.

The US military has launched additional attacks on several targets in Iran, escalating the conflict and prompting concerns about a full-scale war.

The prolonged closure of the Strait of Hormuz by Iran has contributed to sustained high oil prices. The Strait of Hormuz is the primary route for one-fifth of global oil and gas shipments.