Oil prices jumped on Thursday as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed after the US launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured. Brent futures rose $1.48, or 1.59%, to $94.58 a barrel as of 0243 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.71, or 1.90%, to $91.74. U.S. crude ?futures gained more than $3 earlier in the session.

Iran’s top joint military command announced the closure of the Strait of Hormuz on Thursday, including oil tankers and commercial ships, saying any vessel attempting passage will be shot at. “It once again suggests a deal is still some way off and that energy flows from the Persian Gulf will remain heavily constrained,” said ING analysts in a note to clients. The renewed escalation in fighting prompted oil prices to rally in early morning trading, they said. On Wednesday, the US military said on X that commercial ships continue to transit in and out of the strait.

It also said no US warships have been struck in the strait, after Iran’s state media reported U.S. ships near the waterway were targeted by missiles and drones. US forces began launching ?additional strikes against multiple targets in Iran at 5:15 p.m. EDT (21:15 GMT), the latest in an escalating exchange of attacks that threaten to reignite a full-scale war, which was paused in early April when the two sides agreed to a fragile ceasefire.

Credit: Independent News Pakistan (INP)