Oil prices jump after US launches new attacks on Iran
BBC • • nation
Key Points:
- Oil prices surged following new US attacks on a military site in Bandar Abbas, Iran, with Brent crude rising 3.75% to $97.83 a barrel and US crude up 4% to $92.22.
- The US Central Command reported shooting down four Iranian drones near the Strait of Hormuz, a critical waterway for about 20% of the world's oil and LNG supplies.
- These strikes occurred despite an ongoing ceasefire and talks between Tehran and Washington aimed at ending a three-month conflict that has disrupted the Strait of Hormuz and driven global energy costs higher.
- The recent US attacks mark the second time in three days that Washington has targeted Iranian sites, citing self-defense and efforts to protect troops from Iranian threats.
- Energy prices have been volatile since the conflict began, with Brent crude previously spiking near $120 a barrel before falling on hopes of a deal to reopen the strait.