Oil prices spiked by more than 3% following fresh strikes between the United States and Iran, raising concerns about potential disruptions in the crucial Strait of Hormuz. US crude futures jumped 3.4% to $73.87 a barrel, while Brent crude, the global benchmark, rose 3.5% to $78.67.
The New York Times reported Brent’s price slightly higher at nearly $79 per barrel, representing a 9% increase from its pre-conflict level. These price hikes were triggered by a new series of US strikes aimed at limiting Iran’s capacity to threaten civilian and commercial vessels in the strait.
The recent US attacks on Iran, designed to safeguard maritime traffic in the region, were part of a broader military operation. The US Central Command initiated these strikes to diminish Iran’s ability to target ships passing through the Strait of Hormuz.
According to reports, the US military’s actions against Iran included multiple waves of strikes within a 24-hour period. These strikes targeted various Iranian assets, such as missile systems, air defenses, small boats, radars, and weapon storage facilities near the waterway.
