Oil prices jump as Strait of Hormuz faces renewed uncertainty
Oil prices surged by more than 4% after renewed military strikes between the United States and Iran intensified concerns over the Strait of Hormuz, one of the world's most critical energy routes. Brent crude and US West Texas Intermediate both posted sharp gains as conflicting claims emerged over the waterway's status and shipping traffic dropped significantly.
The latest developments include the US strikes on Iranian targets, Iran's response targeting US military bases in Kuwait and Bahrain, and growing uncertainty over global oil supply as analysts assess the impact on energy markets and the fragile truce between the two countries.
Keep updated, follow The Business Standard's Google news channel
