Oil Prices Soar Amid Fresh US-Iran Hostilities
Oil prices surged nearly 8% to around $90.75 per barrel on Wednesday after a fresh round of US-Iran hostilities and new regional risks derailed hopes for a resolution to the conflict.
The price jump followed joint strikes by Washington and Saudi Arabia against Iran-backed groups in Iraq, marking the first publicly acknowledged Saudi participation in US-led operations since the conflict began.
Iran confirmed attacks on US military facilities in Jordan and vessels operating in the Strait of Hormuz, while a US-owned floating storage tanker in Egypt was reportedly hit by a drone at the port of Damietta.
The tensions have now largely evaporated hopes for diplomacy prevailing after President Donald Trump's decision to pause new US strikes last week.