Brent Oil Climbs Toward $95 as US Vows to Safeguard Shipping Through Hormuz

Oil prices surged on Wednesday, with Brent crude approaching $95 a barrel, after the United States carried out its 11th consecutive round of overnight strikes on Iran, heightening concerns over the security of energy supplies in the Middle East.

Brent crude futures, the international benchmark, rose nearly 4% to $94.76 a barrel, while U.S. West Texas Intermediate (WTI) gained 3.9% to $87.61, reflecting mounting fears that the conflict could disrupt oil flows through the region's key export routes.

Latest Oil Prices:

WTI Crude • 87.05 +2.71 +3.21%

Brent Crude • 94.31 +3.30 +3.63%

Murban Crude • 89.41 +3.64 +4.24%

WTI Midland • 88.42 +2.92 +3.42%

Opec Basket • 86.16 +8.13 +10.42%

Indian Basket • 82.69 +8.32 +11.19%

Natural Gas • 2.950 +0.085 +2.97%

Gasoline • 3.420 +0.014 +0.41%

Heating Oil • 4.149 +0.022 +0.54%

The latest gains came as U.S. Secretary of State Marco Rubio said the Strait of Hormuz remains a central point of contention between Washington and Tehran, underscoring the strategic importance of keeping one of the world's busiest oil shipping lanes open.

Speaking to reporters on the sidelines of the Association of Southeast Asian Nations (ASEAN) foreign ministers' meeting in the Philippines, Rubio said the United States remains committed to pursuing a diplomatic resolution despite the escalating military confrontation.

"The United States strongly prefers a diplomatic settlement, and we remain eager to reach an agreement with Iran if possible," Rubio said, adding that any deal would require Tehran to halt its support for terrorism and permanently abandon efforts to develop nuclear weapons or the capability to produce them.

However, Rubio expressed skepticism over Iran's willingness to negotiate in good faith, arguing that Tehran had violated commitments contained in a memorandum of understanding reached last month only weeks after it was signed.

"If you reach an agreement and then violate it, that agreement effectively becomes void," Rubio said. "That does not mean a future agreement is impossible, but any new arrangement will ultimately be judged by whether its terms are fully respected."

He added that the previous understanding had included provisions guaranteeing free and secure navigation through the Strait of Hormuz, a critical maritime corridor through which roughly one-fifth of global oil consumption is transported, making its security a key concern for international energy markets.

The combination of continued military escalation and uncertainty surrounding diplomatic efforts has reinforced expectations of tighter crude supplies, keeping geopolitical risk premiums firmly embedded in global oil prices.