Crude oil prices jumped sharply on Wednesday amid fresh tensions in the Middle East, with Brent crude trading around $95.47 per barrel as of 1105 GMT — a rise of roughly 5 percent, according to Ship & Bunker.
The price surge followed remarks from U.S. President Donald Trump, who warned Iran-backed Houthi forces that the United States would “take care of things” should they attempt to block Saudi Arabian naval transits through the Red Sea. According to Ship & Bunker, Trump’s comments came after Washington accused Iran of flying Islamic Revolutionary Guard Corps members into Yemen in what officials described as an attempt to reignite conflict between the Houthis and Saudi Arabia.
Markets are also watching Trump’s separate warning to Iran regarding the Strait of Hormuz. Ship & Bunker reports that Trump has vowed the U.S. will strike Iranian bridges or power plants in response to any future attacks on vessels transiting the strait.
Crude Prices Climb, Goldman Sachs Flags $120 Risk
Oil prices have risen approximately 30 percent this month alone, marking the fastest pace of increase since U.S.-Israeli strikes on Tehran began earlier this year, Ship & Bunker reports. Goldman Sachs analysts, cited in the report, cautioned that crude could reach $120 per barrel by year-end unless meaningful transit through Hormuz resumes.
Ship & Bunker cites MarineTraffic data showing only 13 vessels crossed the Strait of Hormuz on Monday, with that number falling to just 9 on Tuesday, underscoring the scale of disruption to the vital waterway.
Fatih Birol, executive director of the International Energy Agency, noted that “cushioning factors” — including rerouted crude flows and releases from emergency reserves — have helped stabilize global oil markets so far, according to Ship & Bunker. However, Birol cautioned there is no room for complacency given the ongoing escalation, adding that refined product markets, including diesel and gasoline, remain considerably tighter than crude markets because refinery activity has not kept pace with crude deliveries.
Bloomberg, as cited by Ship & Bunker, warned that rising oil prices threaten to reaccelerate inflation just as price growth had been slowing, potentially prompting central banks to raise interest rates and weigh on broader economic activity.
Separately, Ship & Bunker reports that Asian refiners who had anticipated increased Middle East crude volumes following a Hormuz reopening are now facing delivery delays that could disrupt plans to ramp up processing rates in the coming weeks.
Does This Matter to You?
The developments described directly affect vessel routing, fuel costs, and supply planning across the shipping sector. Reduced Hormuz transits and rising crude prices can influence bunker fuel costs and availability, particularly for diesel and gasoline markets, which Birol notes are already tighter than crude. Delays reported by Asian refiners could also affect fuel product supply chains relevant to vessel operators and traders monitoring regional availability.
The source material does not provide further detail on specific bunker port impacts beyond the general market pricing context reported alongside this story. Gulf Bunkering will continue monitoring developments as more information becomes available.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
