IEA Executive Director Fatih Birol warned the current blockade is more serious than the 1973, 1979, and 2022 crises combined. Approximately 20% of the world's oil supply passes through the Strait of Hormuz.
Brent crude futures rose above $111 per barrel amid escalating tensions. West Texas Intermediate (WTI) crude reached a four-week high of $115 per barrel.
The U.S. set an 8 p.m. ET deadline for Iran to reopen the strait. The U.S. threatened to strike Iranian infrastructure if the deadline is not met. Energy stocks climbed as investors anticipate prolonged supply disruptions and elevated prices.