Crude oil traded near US$73.5 per barrel on Thursday after surging 4.4% in the previous session, marking its strongest daily advance since May, as investors continued to assess the potential impact of renewed geopolitical tensions in the Middle East on global energy supplies.
The latest escalation between the United States and Iran has once again shifted attention to the Strait of Hormuz, one of the world’s most strategically important maritime corridors for crude oil exports. Additional US military strikes on Iranian targets, followed by retaliatory attacks against American military installations in the region, have heightened concerns over the security of energy shipments through the waterway.
Despite the renewed geopolitical risks, the scale of any disruption to global oil supplies remains uncertain. While vessel-tracking data indicated a decline in shipping activity through the Strait of Hormuz, maritime traffic has not come to a complete halt.
Available tracking data showed that most visible tanker movements were concentrated along shipping lanes approved by Iranian authorities, while the US-backed Omani navigation corridor recorded comparatively limited activity. The uneven traffic pattern has added to uncertainty over the reliability of near-term supply flows.
Market visibility has also been affected by delays in vessel-tracking signals. Before the ceasefire, substantial volumes of crude continued to transit the strait, with some shipments only appearing in monitoring systems several days after departure because of intermittent tracking coverage.
The Strait of Hormuz remains a critical artery for global energy trade, transporting a significant share of internationally traded crude oil and liquefied natural gas. Any sustained disruption to maritime traffic through the corridor could have broader implications for global supply chains, energy prices and inflation expectations.
For now, oil markets remain focused on whether the latest military developments evolve into prolonged supply interruptions or remain largely contained, with shipping activity continuing despite heightened security risks.
