Hormuz Tensions Spark Oil Price Surge

The Strait of Hormuz remains a volatile hotspot in the Middle East as tensions between Iran and the US escalate.

Two oil tankers, supported by US aircraft, attempted to transit the southern lane near Oman but turned back after one caught fire, according to Iran's Islamic Revolutionary Guard Corps (IRGC).

The IRGC stated that the Strait of Hormuz cannot be reopened as long as the US continues its 'bluster and threats' and interference in maritime movements.

Brent oil prices jumped above $90 per barrel on Thursday, up 1.5% from Wednesday's close, as the conflict threatens to further destabilize global energy markets.