Crude oil prices have surged back to levels last seen before the United States and Iran signed a ceasefire agreement in mid-June, as escalating hostilities in the Middle East reignite fears of a tightening global supply.
The market repricing reflects a rapid shift in sentiment, with traders once again pricing in the risk of disrupted flows from the region.
The rebound marks a sharp reversal from the relief rally that followed the June truce, which had seen Brent crude plunge as tanker traffic through the Strait of Hormuz normalized.
That period of stability, which Handelsavisen tracked closely in late June, has given way to renewed volatility as diplomatic channels appear strained and military activity intensifies.
Investors are now bracing for potential supply constraints, with the Strait of Hormuz remaining a critical chokepoint for global energy trade.
The return to pre-truce price levels suggests that the market views the current escalation as a material threat to the fragile stability that had briefly returned to the region.
Shipping risk premiums are likely to remain elevated until a clear de-escalation path emerges.