US Launches Fresh Strikes on Iran, Oil Prices Jump Amid Rising Gulf Tensions
Global oil prices climbed after the United States launched new military strikes on Iran following attacks on commercial tankers in the Strait of Hormuz.
The United States has launched a new round of military strikes against Iran, escalating tensions in the Gulf after three commercial tankers were attacked in the strategically vital Strait of Hormuz. In response to the incident, Washington carried out what it described as a strong military operation and reinstated sanctions on Iran's oil trade. The renewed conflict has also rattled global energy markets, with US crude oil prices rising 2.7 percent to $72.40 per barrel as investors reacted to concerns over potential disruptions to oil supplies through one of the world's busiest shipping routes.