Brent crude surged to its highest level since June on Tuesday, driven by fresh reports of a renewed naval blockade targeting vessels bound for Iranian ports.
The escalation in maritime restrictions has reignited supply fears, with traders pricing in the risk of sustained disruption to one of the world's most critical energy chokepoints.
This development extends the volatility seen in recent weeks, following earlier reports of US-Iran military strikes that had already pushed Brent above $70.
The immediate catalyst was a sharp decline in shipping traffic through the Strait of Hormuz over the weekend, compounded by reports of a vessel catching fire in the region.
These operational hazards have intensified concerns about the reliability of energy flows from the Persian Gulf, adding a tangible risk premium to global oil markets.
This development extends the volatility seen in recent weeks, following earlier reports of US-Iran military strikes that had already pushed Brent above $70.
The current repricing reflects a deepening of the geopolitical risk narrative, as markets move from reacting to isolated incidents to anticipating broader logistical constraints.