Anyone waiting for petrol and diesel prices to come down is unlikely to get relief anytime soon. The war between the United States and Iran has crushed hopes of cheaper fuel, and the same tension pushed crude oil prices sharply higher again today. Just a day earlier, Brent crude had jumped nearly 10 percent, and that upward momentum shows no sign of easing.
The technical picture tells the same story. A breakout has appeared in the daily Relative Strength Index (RSI) on the charts, a clear signal that oil prices could climb even higher in the coming days. Market watchers believe this trend could keep pressure on prices for a long stretch.
Where prices stand now
Brent crude was trading 1.66 percent higher at $84.82 per barrel today. US crude (WTI) also rose 2 percent to reach $79.88 per barrel. The biggest driver behind this surge is the fresh round of attacks between the United States and Iran, along with Washington's plan to take control of the Strait of Hormuz, which has added fuel to the fire. This geopolitical tension is what sent prices soaring.
US strikes and Iran's counterattack
The US military has carried out a barrage of airstrikes targeting hundreds of sites across Iran. According to US Central Command (CENTCOM), the direct aim of these strikes is to completely cripple Iran's ability to attack ships in the Strait of Hormuz. Tehran, in turn, refused to back down and adopted an aggressive posture, firing missiles and drones at US military bases across the Gulf region.
Hormuz choked, only a handful of ships pass
Iran has once again shut down the Strait of Hormuz, warning ships not to pass through anywhere other than the routes it has designated. On the other side, the United States has announced its own plan to control this vital waterway. Shipping data shows the war is now hitting the oil supply chain directly. On Sunday, only 9 ships were able to move through the route in a 12-hour window, whereas before the war began an average of 130 ships used to pass through here every day.
