Oil prices rose again as fresh concerns emerged over Iran’s growing influence on vessel movement through the Strait of Hormuz, reinforcing fears that the global oil market could face prolonged supply disruptions if tensions in the region persist.
As at the time of writing 07:10 pm (WAT), Brent crude traded at $106.00 per barrel, up 0.33%, while West Texas Intermediate (WTI) climbed to $101.90 per barrel, gaining 0.85%. The upward movement followed reports that tanker access through the Strait is increasingly being handled through negotiated arrangements rather than under normal unrestricted commercial passage.
The development has raised serious concern across energy markets because the Strait of Hormuz remains the most critical oil shipping corridor in the world, moving a large share of crude exports from the Gulf to international buyers. Reports that countries such as Iraq and Pakistan are now negotiating separate arrangements to move oil and gas cargoes through the route have added to fears that the waterway is gradually shifting away from open global access.
For Iraq, the situation is particularly sensitive. The country relies heavily on crude exports through the Gulf, with oil revenues accounting for the bulk of government income. Limited alternative export routes have forced Baghdad into direct engagement aimed at securing safe passage for loaded supertankers carrying Basrah crude to international markets.
Pakistan is facing a similar challenge on the gas side. Disruptions to Qatari LNG supply linked to the Hormuz crisis have worsened energy shortages and electricity pressure in the country, forcing authorities to pursue emergency arrangements to secure LNG shipments through the region.
The market reaction reflects growing concern that the crisis is no longer just about military tension, but about the gradual disruption of established energy trade systems. Traders are increasingly pricing crude based on the risk that access to one of the world’s most strategic shipping routes may continue to operate under political and security uncertainty rather than stable commercial rules.