New US military strikes on Iran triggered a sudden spike in oil prices on global markets. On the first trading day of the week, Brent crude oil prices rose more than 4.2% to $79.2 per barrel.
US crude oil futures also rose 4.3% to $74.5. The sharp increase came immediately after US Central Command (CENTCOM) announced on Sunday that it had launched additional strikes against Iran.
In a post on social media platform X, CENTCOM claimed the operations aimed to degrade Iran's ability to attack commercial vessels transiting the Strait of Hormuz. Meanwhile, Iranian state media reported hearing explosions on Qeshm Island and in the cities of Jask, Sirik, and Bandar Abbas in Hormozgan province.
The latest developments point to a renewed escalation of tensions in the region. Since Sunday, Iran has reportedly targeted Qatar, the United Arab Emirates, Kuwait, Bahrain, Oman, and Jordan with missile and drone attacks. Tehran maintains that these operations are a response to US strikes and target locations where US forces are present in the region.
Last June, Washington and Tehran signed a memorandum of understanding mediated by Qatar and Pakistan, laying the groundwork for a final agreement to end the war. However, US President Donald Trump announced on July 8 that the ceasefire had ended due to escalating tensions.