Oil Prices Bounce Higher After New US Strikes on Iran
Oil prices jumped higher after the United States launched fresh self-defense strikes on Iranian targets, shattering earlier hopes for an imminent peace deal and raising fears of further disruption to global energy supplies. Brent crude, the international benchmark, reclaimed nearly all of Monday’s losses, climbing by $1.40 or 1.5 per cent to settle at $97.56 per barrel shortly after the US military action began. US crude (WTI) also rose, recovering part of the sharp selloff that had seen prices drop nearly 7 per cent earlier in the session. The US strikes targeted missile launch sites and a drone control facility near Bandar Abbas in southern Iran, as well as vessels attempting to lay mines close to the Strait of Hormuz. The renewed escalation reignited concerns about the security of the vital waterway, which Iran has effectively blocked since March and […]