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Oil surges for second day, Brent tops $83 after Iran orders Strait of Hormuz closure

CNBC
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Iran ordered the Strait of Hormuz closed and threatened attacks on tankers passing through, causing oil prices to surge for a second consecutive day. Brent crude hit $83.39, while U.S. crude rose to $76.31. Global oil prices jumped over 14% this week as the Strait—through which 20% of global oil flows—halted traffic, disrupting supplies to Asia’s major economies, including China, India, Japan, and South Korea. European natural gas prices spiked more than 70% after Qatar suspended LNG production due to Iranian drone strikes. The Gulf supplies 20% of global LNG exports, worsening Europe’s energy crisis. British and Dutch gas futures surged 30% and 27%, respectively, as markets reacted to the supply shock. Analysts warn prolonged closures could push oil above $100 per barrel. The crisis escalates geopolitical tensions, threatening energy security and economic stability as key trade routes face unprecedented disruptions.
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In this articleCrude oil and natural gas futures surged for a second day Tuesday, after Iran ordered the closure of the Strait of Hormuz and threatened to attack any tanker that tries to pass through the waterway. U.S. crude oil prices rose about 7%, or $5.02, to $76.31 per barrel by 8:30 a.m. ET, while global benchmark Brent jumped 7.3%, or $5.62, to $83.39 per barrel. Oil prices have soared more than 14% this week as tanker traffic through the Strait has ground to a halt. About 20% of global oil consumption passes the Strait with exports going primarily to China, India, Japan and South. European natural gas prices have soared more 70% this week after Qatar ceased liquefied natural gas production due to Iranian drone attacks. The British futures contract was up about 30% Tuesday while the Dutch contract jumped about 27%. About 20% of global LNG exports come from the Gulf, mostly Qatar, and pass the through the Strait. Wall Street commodities strategists have warned that oil prices could surge above $100 per barrel if the Strait is closed for a prolonged period. Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

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