FX.co ★ Crude Oil Tops $80

Crude oil prices surged more than 8% to above $80 per barrel, the highest level since July 2024, as the escalating war with Iran disrupted global fuel supplies. Tanker traffic through the Strait of Hormuz remains largely halted, and Iran has claimed it struck an oil tanker with a missile. Adding to the pressure, the Chinese government has ordered major domestic refiners to suspend diesel and gasoline exports. Efforts to stabilize the market — including proposals for vessel insurance and naval escorts — have so far failed to reassure investors, who are increasingly preparing for a protracted conflict. At the same time, EIA data showed that US crude inventories rose by 3.5 million barrels to 439.3 million, significantly above expectations and providing a buffer against potential supply shocks.