Oil Prices Jump Over 3% as US-Iran Strikes Stoke Fears for Strait of Hormuz

WASHINGTON: Oil prices rose more than 3 per cent as the United States and Iran exchanged fresh strikes, renewing fears of disruption in the Strait of Hormuz, a critical route for global energy supplies.

US crude futures climbed 3.4 per cent to $73.87 a barrel by 6.03 p.m. ET, CNBC reported. Brent crude, the international benchmark, gained 3.5 per cent to $78.67.

The New York Times put Brent slightly higher at nearly $79 a barrel. That was about 9 per cent above its pre-war price. The gains followed another round of US strikes against Iran. The attacks were intended to reduce Tehran’s ability to target civilian mariners and commercial ships in the strait. (IANS)

Also Read: Iran Accuses US of Disrupting Strait of Hormuz Shipping, Warns Gulf States