Global oil prices climbed sharply on the first day of a new operation launched by Donald Trump to restore the flow of tankers through the strategically critical Strait of Hormuz.

Brent crude, the international benchmark, surged to its highest closing price for 2026, settling at over $114 per barrel before easing slightly. Meanwhile, West Texas Intermediate (WTI), the U.S. benchmark, also recorded significant gains despite a minor decline in early Tuesday trading.

The spike comes as the U.S. moves to guide ships through the Strait of Hormuz, a vital global shipping route that has been largely blocked amid escalating tensions involving Iran. The disruption has affected nearly 20 percent of the world’s oil supply, creating major uncertainty in global energy markets.

The initiative, dubbed “Project Freedom,” aims to reopen the channel, but early signs show limited movement, with only a handful of vessels passing through the strait compared to over 100 daily crossings before the conflict.

The situation has already driven up fuel prices, particularly in the United States, where gasoline costs have surged significantly in recent weeks. Analysts warn prices could climb even higher if the disruption continues.

Ongoing tensions between the U.S. and Iran, including recent military exchanges, have placed additional strain on a fragile ceasefire, raising concerns about further escalation and its impact on global oil supply and economic stability.

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