Oil prices rise following new US strikes on Iran

Global oil prices rose sharply after the US Central Command announced additional military strikes against Iran, heightening concerns over the security of shipping through the Strait of Hormuz, one of the world’s most critical energy transit routes.

Brent crude settled at its highest level in two weeks, rising more than 5 percent to close at $78.02 per barrel after briefly trading above $80 during the session.

West Texas Intermediate (WTI) crude also gained, climbing to around $73.50 per barrel.

The increase was driven by growing market concerns over potential disruptions to oil shipments through the Strait of Hormuz following attacks on three commercial vessels in the strategic waterway.

The Strait of Hormuz remains a vital corridor for global energy markets, with a significant share of the world’s seaborne oil exports passing through the waterway each day.

READ: Iran threatens to completely close Hormuz strait in response to renewed attacks