Crude oil jumps to $85 per barrel as ‘staggering’ West Asia war jolts energy

Global energy markets have been upended by the quick spread of the war as Iran sought to retaliate against Israel and states hosting US forces. Reuters

Oil hit $85 a barrel for the first time since July 2024 as the war in the Middle East escalates.

Global energy markets have been upended by the quick spread of the war as Iran sought to retaliate against Israel and states hosting US forces, bringing the transit of oil and gas tankers through the key Strait of Hormuz to a halt. President Donald Trump said the US would do “whatever it takes” to achieve its goals and Secretary of State Marco Rubio said the military campaign was set to intensify.

China — the world’s largest oil importer — called on all sides in the war to ensure the safe passage of ships through the Strait of Hormuz.

An Islamic Revolutionary Guard Corps adviser, meanwhile, told Iranian state television that forces “will set fire to any ship attempting to pass through” the Strait of Hormuz. So far, excess supplies elsewhere have helped limit the oil price surge, but a prolonged disruption of the waterway could force nations in the region to curb production.