Renewed clashes between the United States and Iran in the Persian Gulf have disrupted global oil markets, delaying recovery of crude supply.The conflict, now in its fifth month, has pushed oil prices higher as traders anticipate prolonged disruptions.Brent crude prices rose to $80 per barrel before settling at $76, while West Texas Intermediate hit $76.The Strait of Hormuz, a critical oil transit route, remains a focal point, with vessel traffic significantly lower than pre-war levels.

Analysts note that while short-term tensions drive price volatility, long-term supply-demand balances may not shift drastically unless the conflict escalates further.Canada's energy sector is exploring diversification options amid the crisis, with Alberta planning a new West Coast pipeline.

Market experts predict prices may stabilize below $70 if the strait remains open, though prolonged blockades or production disruptions could push prices higher.The situation underscores the fragility of global energy markets and the geopolitical risks affecting oil prices.