US fails to regain control of Strait of Hormuz as oil prices surge

Brent crude oil rises by 2 percent to $84 per barrel, while WTI crude is trading at approximately $77 per barrel  

TEHRAN: (UrduPoint/UrduPoint / Pakistan Point News-March 5^th, 2026) The Strait of Hormuz, a key maritime chokepoint in the middle East, remains closed following recent US and Israeli attacks on Iran, with Washington unable to regain control from Tehran. The disruption has driven crude oil prices higher, raising concerns in global markets.

The international media reported that Brent crude oil rose by 2 percent to $84 per barrel, while WTI crude is trading at approximately $77 per barrel.

An Iranian government spokesperson condemned the attacks, stating that the aggressors had “miscalculated” and made mistakes they should not have. The spokesperson added that Iran has already inflicted serious damage on its enemies and remains determined to continue retaliatory actions.

The ongoing conflict is also taking a heavy toll on Israel’s economy. The Israeli Ministry of Finance said the war with Iran could cost the country over 9 billion shekels (around $3 billion) in a single week. Even under limited restrictions, Israel could face losses of 4.3 billion shekels per week, the ministry added.

The daily life in Israel has been severely affected by the conflict. The schools are closed, public gatherings are banned, workforce activities are restricted, and most employees are working from home, according to officials.