Strait of Hormuz Tensions Send Oil Prices Soaring

Oil prices surged on Sunday after fresh fighting broke out in the Strait of Hormuz, highlighting the risks to oil flows from the Middle East following months of conflict.

The US military struck Iranian rocket launchers preparing to send mines into the waterway, which is a critical chokepoint for global oil supplies. The US action has sparked concerns about the potential disruption to oil shipments, particularly after reports of recent attacks on tankers in the area.

Brent crude prices rose above $90 a barrel in response to the escalating tensions, while West Texas Intermediate (WTI) prices were near $86 per barrel. Traders say that despite the conflict, around six to eight million barrels of crude are still moving through the Strait each day.