US-Iran Tensions Escalate Again, Oil Prices Surge
Tensions between the US and Iran have escalated once again, leading to attacks on each other for the first time in over a month.
The oil market has reacted immediately, with Brent prices breaking through $91 per barrel.
CNBC reported that oil prices continued to rise as market participants looked at the risk of escalation following the US-Iran attack and the situation in the Strait of Hormuz heated up.
A UK Maritime Trade Operations report stated that a tanker was hit by three unidentified projectiles while passing east through the strait, but no casualties were reported.
In retaliation for the US's previous attack on Larak Island, Iran attacked two US bases in Jordan, with Washington saying Tehran intended to launch rockets carrying sea mines into the Strait of Hormuz.