Oil’s spike fades as traders take stock of Hormuz disruptions

Oil surged by the most in four years, before paring some gains as traders assessed the effective closure of the Strait of Hormuz triggered by the US-Israeli war against Iran.Global benchmark Brent was about 5 per cent higher near $76 a barrel, after earlier rallying by as much as 13 per cent to the highest since January 2025.Tanker traffic through the strait — the chokepoint off Iran’s coast that handles a fifth of the world’s oil and large volumes of gas — has largely halted, with a self-imposed pause in p ...