U.S. Crude Oil Jumps Over 8% on Iran Supply Fears

U.S. crude oil prices surged more than 8% on Sunday evening, climbing above $72 per barrel as fears grew that escalating tensions between the United States and Iran could disrupt global oil supplies.

U.S. crude rose $5.55, or over 8%, to $72.57 per barrel. Global benchmark Brent crude jumped nearly 9% to $79.41.

The spike comes amid concerns that the conflict could affect shipments through the Strait of Hormuz, a key global oil transit route. Analysts say tanker traffic through the strait has effectively stopped as shipping companies take precautionary measures.

More than 14 million barrels of oil per day passed through the Strait of Hormuz in 2025, roughly one-third of the world’s total seaborne crude exports. Most of these shipments were destined for China, India, Japan and South Korea.

President Donald Trump said combat operations in Iran would continue until U.S. objectives are achieved. However, he also indicated that talks with Iran could take place, leaving open the possibility of de-escalation.

Market analysts said oil prices will depend largely on how long disruptions in the Strait continue and whether Iran retaliates further. Some forecasts suggest Brent crude could rise to $100 per barrel if tensions escalate. In extreme scenarios, prices could climb even higher.

Iran currently produces around 3.3 million barrels per day. Any prolonged disruption in exports could significantly tighten global supply.

Energy markets are expected to remain volatile as investors closely monitor developments in the Middle East.