Commodities
US Strike Near Iran's Kharg Island Sends Oil Prices Soaring
Crude oil prices surged on concerns over disruptions to Middle East supply after the US struck near Kharg Island in Iran. West Texas Intermediate (WTI) traded at $94.33 a barrel, while Brent crude hovered near $98 a barrel.
The market is watching for potential disruptions to oil shipments through the Strait of Hormuz, a vital waterway that handles about 20% of the world's crude oil and liquefied natural gas shipments.
Iran has warned of possible further attacks on ships, while Iranian state television reported that crew members on tankers moored or docked near ports in Kuwait and Bahrain had been told to evacuate their vessels immediately.