The US military's consecutive strikes on Iran have reignited global oil supply fears. International oil prices continue to rise, with US oil briefly surpassing $75 per barrel.

Due to the consecutive two days of military strikes by the United States against Iran, international oil prices continue to rise, and concerns about the interruption of energy supply in the Strait of Hormuz have escalated sharply. In early Asian trading on Thursday, WTI crude oil futures for August delivery on the New York Mercantile Exchange rose by 2.2%, breaking through $75 per barrel, before falling back to around $74.24. Earlier on Wednesday, prices had surged by over 4%. On Wednesday, Brent crude oil futures for September settlement on the Intercontinental Exchange in London jumped by 5.2% to $78.02, and on Thursday, they further surpassed $79, reaching a new high for over two weeks. The US Central Command announced on Wednesday that it was launching a new round of strikes against Iran aimed at weakening Iran's ability to threaten the freedom of navigation in the Strait of Hormuz. A US official stated that the scale of this operation is expected to exceed Tuesday's attack. According to Iranian media reports, explosions were heard in multiple locations such as the port of Abbas, Abu Musa Island, and Busher. Iran, on the other hand, threatened to launch a large-scale retaliatory attack against US military bases in the region and claimed to have carried out attacks on US military targets in Bahrain and Kuwait, prompting further retaliatory strikes by the US. US President Trump stated on Wednesday that the temporary peace agreement reached with Iran "is over," not ruling out the possibility of reimposing a blockade on Iranian ports and warning of a potential further increase in oil prices, even hinting at the possibility of the US taking over Iran's oil export hub, Hormuz Island. He posted on social media that the US airstrikes were a "retaliation" for Iran's attacks on commercial ships and warned that "the consequences will be more severe if such incidents occur again." However, Trump also ruled out the possibility of a full-scale war. The escalation of tensions has directly impacted Iran's oil exports. Earlier this week, the US Treasury revoked a sanction waiver that allowed Iran to sell oil, completely reversing a key provision of the previous temporary agreement. During the agreement period, millions of barrels of Iranian oil were allowed to be shipped out of the Gulf, and now the destination of this oil is in great uncertainty. The situation in the Strait of Hormuz is the focus of the market. After US and Iran conducted airstrikes on Iran in late February, Iran had nearly closed the strait, leading to oil field shutdowns in neighboring oil-producing countries. With the temporary agreement reached, the passage of oil tankers had temporarily increased, but analysts believe the situation never truly returned to normal. Scott Shelton, an analyst at TP ICAP, said, "If we are confronted with a closed Strait of Hormuz again, oil prices could rise by another $10. But if oil continues to flow, there may be limited upside potential. No one can say for sure about the current situation." Henry Hoffman, Co-Portfolio Manager of Catalyst Energy Infrastructure Fund, pointed out, "The strait has never truly reopened in a normalized way, and now we may see further production shutdowns. A larger scale escalation may cause more significant damage to regional energy infrastructure, with impacts far beyond the initial price surge." After two oil tankers were attacked on Tuesday, maritime authorities raised the threat level for vessels transiting through the Strait of Hormuz to "critical." About one-fifth of global oil supply passes through this waterway, and Iran's control of the waterway has been a major leverage in this conflict. Analysts at ANZ Bank, including Daniel Hynes, stated in a report that the events of the past 48 hours have sparked concerns in the market that the breakdown of the US-Iran temporary peace agreement would lead to another interruption in oil supply. "The transit volume of this crucial waterway had been increasing before the attack on three ships earlier this week. Now, as Iran seeks to reassert control, the risk of supply recovery coming to an abrupt halt is looming." As the conflict continues, oil inventories are also under pressure. Official data shows that while US commercial crude oil inventories increased by nearly 3 million barrels last week, strategic petroleum reserves decreased by 6.2 million barrels, resulting in a net decrease of over 3 million barrels in overall inventories. In addition, distillate fuel oil (diesel) inventories decreased by 5 million barrels, and gasoline inventories fell to the lowest level since the same period in 2012. Hoffman of Catalyst added, "The situation with US strategic petroleum reserves is becoming increasingly concerning. We are still consuming strategic reserves during the ceasefire, and if the situation deteriorates or escalates, the buffer will be even more limited."