Oil prices soared yesterday to their highest level since June due to military attacks on Iran by the United States and Israel, which heightened concerns about the supply of oil, especially due to potential interruptions in the Strait of Hormuz. This strategic waterway is crucial, as approximately one-fifth of the world's crude oil passes through it. Initially, the prices spiked by 13 percent but eventually settled at a notable increase, reaching levels not seen since June 2025 amid conflicting statements from the United States regarding the potential duration of the conflict.

The Brent crude oil price reported a 6.50 percent increase, reaching $77.61 per barrel, while the West Texas Intermediate (WTI) rose by 6.28 percent to $71.23 per barrel—levels not experienced since last June. Meanwhile, the Mexican Mix reached $66.63 per barrel, after climbing by 5.0 percent. The surge reflects escalating geopolitical tensions and the market's sensitivity to developments in the Middle East, particularly around this vital maritime route.

Despite OPEC+ agreeing to gradual production increases, concerns about supply fluctuations remain. Analysts suggest that ongoing conflicts and market volatility could lead to further price hikes if tensions escalate or if supply routes are significantly disrupted. Investors are closely monitoring the situation, as any prolonged disruption in the Strait of Hormuz could have far-reaching implications on global oil markets, energy prices, and economic stability.