Oil Prices Soar as US-Iran Tensions Escalate

Oil prices rose following recent US-Iran air strikes, exacerbating global inflation. The Strait of Hormuz, a critical waterway for oil trade, has seen traffic at an all-time low due to escalating tensions between the two nations.

Iranian Speaker Mohammad Bagher Ghalibaf warned that if the US attacks again, Iran will strike American oil companies in the region, citing their exposed infrastructure. He emphasized that 'American oil and gas companies operating in these waters and at these facilities share that exposure. Hit our infrastructure and you will be hit.'

Meanwhile, Save the Children reported a mass funeral for 73 children in Gaza, highlighting the devastating impact of the ongoing conflict on civilians, particularly children. The charity's regional director Ahmad Alhendawi stated that 'within the space of a month, we have witnessed the same heart-wrenching scene twice in Gaza: children laying flowers and lighting candles on the bodies of other children during a mass funeral.'

Oil prices had initially spiked but retreated as Iran announced progress in negotiations with Oman to manage shipping traffic through the Strait of Hormuz. The two countries are nearing an agreement, which will include details of a safe route and be notified to the UN's International Maritime Organisation.