Global energy markets faced severe volatility as geopolitical disputes disrupted critical shipping chokepoints. International benchmark Brent crude futures initially spiked 3.8% to hit $82.49 a barrel. The surge followed reports that Iran is actively drafting a restrictive parliamentary bill.
The proposed legislation aims to ban U.S. and Israeli commercial vessels from transiting the Strait of Hormuz. Violators could face steep penalties reaching up to 20% of their total cargo value. Though temporary transit routes are being negotiated via Oman, the threat of localized military interceptions has forced global maritime insurers to aggressively hike freight premiums.
- Brent crude benchmark: Settled at $83.52 per barrel for October delivery.
- WTI crude futures: Advanced to $78.14 per barrel.
- Gold safety play: Bullion skyrocketed to an impressive $4,414 an ounce amid escalating tensions.
Get detailed updates on commodities via the Financial Post.
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