Oil prices jumped on Monday after a fresh round of military strikes between the United States and Iran over the weekend, according to ShippingWatch.
Brent crude, the European benchmark, was trading at USD 78.90 on Monday morning, up from USD 76.40 on Friday afternoon, ShippingWatch reports. US WTI crude also climbed, reaching USD 74.14 compared with USD 71.93 the previous Friday.
Attacks and Retaliation
According to ShippingWatch, the US Central Command confirmed on Sunday that it had struck Iranian air defence systems, coastal radar stations, and missile and drone facilities. Iran responded by targeting US allies Jordan and Qatar, the report states.
ShippingWatch also notes that Kuwait reported a hit on an oil rig, while Iranian state broadcaster Press TV said Iran had launched drone attacks against US forces stationed in Kuwait.
Analyst Warns of Further Price Rises
Saul Kavonic, a senior energy analyst at MST Marquee, told Bloomberg News, as cited by ShippingWatch, that oil prices should be expected to remain elevated “for as long as the attacks continue and shipping through the strait remains hesitant.”
Kavonic further noted that the strike on the drilling platform in Kuwait marks the first direct attack on energy infrastructure in several weeks. According to ShippingWatch, he warned that if attacks on energy infrastructure become a recurring pattern, oil prices could climb above USD 100 per barrel.
Does this matter to you?
Rising crude prices and continued military activity near the Strait of Hormuz have direct implications for bunker costs and voyage planning. Any sustained increase in oil prices tends to feed through to bunker fuel pricing, affecting vessel operating costs across the industry.
The reported hesitancy around shipping traffic through the strait, combined with attacks on regional energy infrastructure, also points to potential volatility in fuel markets and vessel routing decisions in the Gulf region. According to ShippingWatch, further escalation involving energy infrastructure could push prices significantly higher, a development worth monitoring for anyone tracking bunker costs or regional transit risk.
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: ShippingWatch, Bloomberg News (via ShippingWatch)
