Brent crude futures for September delivery climbed above $80 a barrel on Wednesday, marking a sharp reversal from the multi-month lows seen earlier in the week.
The rally was driven by fresh reports that commercial shipping traffic in the Strait of Hormuz has nearly come to a standstill, reigniting fears of a supply disruption in the world's most critical oil chokepoint.
This development sharply contrasts with the sentiment just days ago, when Brent had slid below $71 as markets priced in easing tensions following US-Iran diplomatic talks.
The price move comes despite the waterway being officially declared open to navigation.
According to Handelsblatt, the gap between the official status and the operational reality on the water is widening, with tanker movements slowing to a crawl.
This divergence has forced traders to reassess the timeline for a return to normal flows, which industry observers suggest could take months rather than days.
This development sharply contrasts with the sentiment just days ago, when Brent had slid below $71 as markets priced in easing tensions following US-Iran diplomatic talks.