Fighting breaks out, oil prices rise again.

In afternoon trading on May 8th, world oil prices continued to rise following renewed fighting between the US and Iran. This development threatens the already fragile ceasefire and dashes hopes for reopening the Strait of Hormuz – a crucial shipping route for oil and liquefied natural gas (LNG).

Pumping gasoline into a car at a gas station in Tokyo, Japan. Photo: Kyodo/VNA

At 1:50 PM Vietnam time, Brent crude futures rose 67 cents (0.67%) to $100.73 per barrel. West Texas Intermediate (WTI) crude futures rose 45 cents (0.47%) to $95.26 per barrel.

The gains in this session ended a three-day losing streak following reports that the US and Iran were close to reaching a peace agreement to end the fighting. However, overall for the week, both types of oil are still on track to fall by around 6%.

In a post on X, the U.S. Central Command (CENTCOM) said Iranian forces launched "multiple missiles, drones, and small boats" at three U.S. warships. Tehran claimed the attack was in retaliation for Washington's initial attack on an Iranian oil tanker and another vessel.

Regarding the control of the Strait of Hormuz, on May 7th, shipping data company Lloyd's List Intelligence reported that Iran has established a government agency to approve transit and collect fees from ships passing through the Strait of Hormuz. In an online press conference, Lloyd's stated that Iran's Persian Gulf Strait Authority has "positioned itself as the sole authority authorized to permit ships to pass through the strait" and has sent Lloyd's a transit permit application form.

Iran's new authority also formalized a check lane, allowing ships to pass through the northern waters of the strait near the Iranian coast. This move has raised new concerns about international shipping, as well as the prospects of reaching an agreement. Meanwhile, maritime law experts argue that Iran's demand to inspect or tax ships violates international law.

Source: https://baotintuc.vn/thi-truong-tien-te/giao-tranh-bung-phat-gia-dau-tang-tro-lai-20260508145724183.htm