Global oil markets experienced volatility following heightened tensions between the United States and Iran and a temporary closure of the Strait of Hormuz. According to Reuters, on Thursday, February 19, Brent futures rose by 24 cents or 0.3 percent to reach $70.59 per barrel. At the same time, US West Texas Intermediate (WTI) crude increased by 28 cents or 0.4 percent to $65.47 per barrel, later climbing by $1.16 or 1.8 percent to $66.35 per barrel.

Analysts noted that about 20 percent of the world’s oil supply passes through the Strait of Hormuz, making it a critical route for global energy transport. Any disruption in this waterway could significantly affect global supply. Hiroyuki Kikukawa, chief strategist at Nissan Securities, said that while tensions remain, a full-scale armed conflict is unlikely. He added that US President Donald Trump does not favor a sharp rise in crude prices and that any military action would likely be limited and short-term.

Iran’s state media reported that the country had closed the strait for several hours on Tuesday as part of a military exercise. It remains unclear whether normal operations have fully resumed.