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Oil Prices Surge After New US Strikes On Iran. Oil prices have jumped after the United States launched new attacks on Iran, targeting a military site in the port city of Bandar Abbas. US Central Command said American forces also shot down four Iranian drones near the Strait of Hormuz. Following the strikes, global oil benchmark Brent crude rose nearly four percent to almost 98 dollars a barrel, while US crude prices also climbed sharply. The latest attacks come despite ongoing ceasefire talks between Washington and Tehran aimed at ending the three-month conflict. The fighting has disrupted the Strait of Hormuz, one of the world’s most important shipping routes for oil and liquefied natural gas. Around a fifth of global oil and LNG supplies normally pass through the waterway. Energy prices have been highly volatile since the conflict began earlier this year, with fears over supply disruptions pushing oil prices dramatically higher. Prices had briefly eased this week amid hopes that a deal to reopen the shipping route could soon be reached.
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