Oil prices jump after US strikes on Iran raise Middle East supply fears
Oil prices rose on Wednesday after the US launched fresh strikes on Iran in retaliation for attacks on commercial vessels in the Strait of Hormuz. Analysts warned the tensions risk unravelling a fragile Middle East calm.
Oil prices rose on Wednesday. The gains gathered pace after the US launched fresh strikes on Iran, following attacks on commercial vessels in the Strait of Hormuz.
Analysts said tensions around the strait, one of the world's most important oil transit corridors, are heightening supply fears. Washington's revocation of a license permitting the sale of Iranian oil also weighed on prices.
Markets are watching whether the tensions affect shipments and any possible diplomatic steps. Experts warned that any disruption to traffic through the strait could push global energy prices higher still.
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