Oil Prices Soar Amid Fresh Strait of Hormuz Attacks

Fresh attacks on commercial ships in the Strait of Hormuz have sent oil prices soaring nearly 3%, landing Brent crude at around $74-76 per barrel.

The latest strikes, which included vessels from Qatar and Saudi Arabia, were attributed to Iran's Islamic Revolutionary Guard Corps. The intraday price swings hit as high as 5% before settling down.

The Strait of Hormuz is the world's most important energy chokepoint, handling roughly 20-25% of global seaborne oil and LNG trade. Analysts have called this crisis the most significant energy supply shock since the 1970s, with Brent crude previously reaching as high as $126 per barrel.

Iran has reportedly been demanding cryptocurrency payments in Bitcoin for safe passage through the strait during ceasefire periods, at a rate of approximately $1 per barrel. This has led to elevated war-risk insurance premiums and shipping companies rerouting around the Cape of Good Hope, adding weeks to delivery times.