By 11:35 a.m. ET, September Brent crude climbed $1.42 to reach $84.72 per barrel, while August West Texas Intermediate rose $1.24 to trade at $79.38. These gains pushed crude prices toward one-month highs as traders reacted to the escalating military tension in the region. Refined products tracked the upward trend, with August ULSD gaining 14.5 cents to $3.9686 per gallon and August RBOB rising 5.5 cents to $3.2213.
In section Market Quotes
Crude Prices Climb Amid Strait of Hormuz Blockade Fears
Commercial vessel traffic through the Strait of Hormuz plummeted to just 10 transits on Monday, marking the lowest activity since a temporary diplomatic thaw between Washington and Tehran. This sharp decline follows three consecutive days of U.S. strikes against Iranian targets, fueling market anxiety over global energy supply routes.
The market remains on edge ahead of a formal U.S. blockade targeting Iranian ports and vessels within the Strait, scheduled to take effect at 4:00 p.m. ET today. Data from Kpler’s MarineTraffic highlights the significance of the disruption, showing activity levels have regressed to those seen before the memorandum of understanding briefly stabilized the waterway. With military operations continuing, the focus remains on whether these supply-chain bottlenecks will sustain the current price rally.
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