Commodities
Oil Prices Soar Above $101/Barrel Amid Escalating Tensions in Strait of Hormuz
Crude oil prices surged to over $101 per barrel on Friday after the US launched its 13th consecutive attack against strategic Iranian targets. The escalating tensions in the region have investors worried about supply chain disruptions.
The US Central Command said it had targeted Iranian military command centers, drone storage facilities, communication networks, coastal surveillance sites, and maritime capabilities to reduce the threat Iran poses to civilian mariners and commercial vessels transiting the Strait of Hormuz.
US President Donald Trump stated that the US is not ready to negotiate a new ceasefire with Iranian authorities, saying 'they need more of the same.'