New York/London, March 4, (dpa/GNA) – Oil prices continue to soar, following the outbreak of the Iran war, with the benchmark North Sea Brent crude for May delivery trading at $84.07 per barrel in early Wednesday morning trading – more than 3% above Tuesday evening levels.
The announcement by US President Donald Trump that the US Navy will escort tankers through the Strait of Hormuz if necessary, provided only a temporary brake on the rise.
Since the US and Israel began their attacks against Iran on Saturday, Brent crude has risen by around 16%. On Tuesday, prices briefly reached $85.12, their highest level since July 2024.
Shipping through the Strait of Hormuz effectively at a standstill
On Tuesday, Trump pledged to protect ships passing through the Strait of Hormuz, which is critical to global energy commodity trade.
“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” he posted on his platform Truth Social. “No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD.”
Trump’s announcement came after shipping through the strait had effectively ground to a halt following Iran’s threats to attack tankers.
According to analysts at ING Bank, it may still be some time before tanker escorts through the Gulf strait can be expected, as Iran’s strike capability would first need to be degraded.
GNA