Global oil prices surged about 6 percent on Wednesday after US President Donald Trump declared the interim ceasefire with Iran as “over”.
At the time of reporting, Brent crude rose to $78.58 per barrel, while West Texas Intermediate (WTI) climbed to $74.76 per barrel as traders reacted to the latest escalation.
Trump announced the end of the interim accord after overnight exchanges of military strikes between the United States and Iran.
The move effectively ended the diplomatic framework that had temporarily eased tensions and allowed limited Iranian oil exports. The US also revoked the waiver permitting Iran to continue oil sales under the agreement.
Despite the heightened tensions, tanker traffic through the Strait of Hormuz continued, although shipping activity remained cautious. Several vessels proceeded through the waterway, including a supertanker chartered by ExxonMobil carrying around 2 million barrels of crude oil, while other ships reportedly turned back or dropped anchor as security risks increased.
According to tanker tracking data, six tankers were either entering or leaving the Strait of Hormuz after Iran attacked three commercial vessels near the Omani coast. Two of the targeted ships were carrying energy cargoes, including a Qatari LNG carrier and a Saudi-owned crude tanker.
Following the attacks, the Joint Maritime Information Center (JMIC) raised the threat level for the Strait of Hormuz to “Severe,” warning that deliberate hostile action is now considered likely under current conditions.
The advisory urged ships operating in the region to maintain extreme vigilance amid continuing tensions.
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