Brent crude futures jumped 9.4% at the open on Tuesday, marking the steepest single-session gain in months as traders reacted to reports of new missile attacks targeting commercial tankers in the Strait of Hormuz.
The surge reflects a rapid repricing of supply disruption risk, with markets immediately factoring in the potential for prolonged hostilities and tighter global oil flows.
The escalation follows a week of intensifying maritime violence in the critical chokepoint.
Earlier in the week, crude prices had already surged after initial reports of attacks on tankers navigating the strait, but the latest incidents represent a significant deepening of the threat to commercial shipping.
The Strait of Hormuz remains the world’s most vital oil transit route, and any sustained disruption poses an immediate risk to global energy supplies.
This development builds on a rapidly deteriorating security environment in the region.