Oil surges over 5% as US-Iran tensions raise Hormuz Strait risks
Oil prices jumped more than 5% amid renewed US-Iran military clashes and rising threats to shipping in the Strait of Hormuz, reviving supply disruption fears.
Oil prices surged over 5% due to rising tensions between the US and Iran, and concerns about shipping in the Strait of Hormuz. The US launched new air strikes on Iranian targets, according to US Central Command, which posted on X that the strikes began at 12 p.m. ET.
The conflict escalated after an exchange of fire over the weekend, and there have been reports of attempted attacks by the Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz. Iran's state broadcaster reported that there had been incidents, though details are limited.
Iran has warned that it would prevent oil from being exported from the Gulf, despite threats from US President Donald Trump to take strong action in response. The Strait of Hormuz is a critical waterway for global oil supplies.
Brief written by urgent.news from Ajel English, Business Standard IN, The Korea Times, Daily Times, ABC News AU — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Bessent predicts Strait of Hormuz will be 'worthless' in 2 years thehill.com
- US military says it struck IRGC targets in Iran after attacks on shipping in Strait of Hormuz euronews.com
- US launches new barrage of strikes on Iran around Strait of Hormuz business-standard.com
- Qatar says efforts under way to end Iran-US war and reopen Strait of Hormuz aljazeera.com
