US Strikes Iranian Targets in Key Oil Waterway
US futures plummeted and oil prices surged on Thursday after the US military struck targets in Iran's strategic Strait of Hormuz.
The Strait is a critical waterway for global oil shipments, with approximately 20% of the world's seaborne oil passing through it. The attack has raised concerns about potential disruptions to the region's already tense geopolitical landscape.
The US Department of Defense confirmed that the military had launched strikes against Iranian targets in the Strait of Hormuz, but did not provide further details on the nature or extent of the damage.
The development sent shockwaves through global markets, with US futures falling sharply and oil prices rising by over 4% to above $67 per barrel. The impact is likely to be felt across various sectors, including energy, finance, and trade.