International oil prices surge for fourth straight day amid Hormuz tension... Brent crude tops $105

Ships in the Strait of Hormuz

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International oil prices continued their sharp rise for the fourth consecutive day on the 23rd (local time) as concerns over military clashes surrounding the Strait of Hormuz escalated.

On this day, the closing price of Brent crude futures for June delivery on the ICE Futures Exchange rose 3.1% from the previous session to $105.07 per barrel.

On the New York Mercantile Exchange, the closing price of West Texas Intermediate (WTI) crude for June delivery rose 3.11% from the previous session to $95.85 per barrel.

Both Brent crude and WTI showed a steep upward trend for four consecutive trading days, surging by 16.25% and 14.31% respectively during this period.

Tensions surrounding Iran intensified again, pushing up oil prices.

U.S. President Donald Trump continued his pressure on Iran.

President Trump ordered all vessels laying mines in the Strait of Hormuz to be fired upon and sunk. He also reiterated that the U.S. would continue its blockade of the strait until Iran agrees to a ceasefire and denuclearization.

On this day, the U.S. military seized a stateless, sanctioned oil tanker carrying Iranian oil in the Indian Ocean.

In particular, oil prices increased their gains in the afternoon after news spread that Iran's air defense system was activated for the first time since the ceasefire with the U.S. in Tehran.

Iran's state news agency IRNA reported that the sound of air defense missile launches was heard in the eastern and western parts of Tehran. However, it did not specify any targets or damage.

Adding to this, Israel stated that it is "ready to resume war with Iran" and is awaiting U.S. approval, further spreading the sense of crisis.

Currently, passage through the Strait of Hormuz, a key conduit for global crude oil transportation, is virtually closed, with only Iranian-linked vessels passing intermittently.

Fawad Razaqzada, an analyst at Forex.com, diagnosed that "there is significant uncertainty in the diplomacy between both sides," and specifically pointed out that the lack of a concrete plan for reopening the Strait of Hormuz is increasing market uncertainty.