Commodities
Strait of Hormuz Clash Sends Oil Prices Soaring
Oil prices surged as the US and Iran exchanged strikes in the Strait of Hormuz, raising concerns about extended supply disruptions.
Brent crude futures rose 0.54 percent to $96.80 a barrel, while West Texas Intermediate crude increased by 0.72 percent to $92.14 a barrel, according to Reuters.
The price hike comes after Iran claimed it had attacked three US-affiliated vessels and oil tankers using an 'unauthorised' route in the Strait of Hormuz. Tehran stated that these strikes were in response to US attacks that destroyed three Iranian crude oil tankers.