Oil Rises More Than 5% After Escalating Tensions
Oil prices surged about 5% as US strikes on Iran fueled fears of disruptions in the Strait of Hormuz.
Crude oil prices jumped about 5% at settlement after the US launched new strikes on Iran, raising fears that renewed fighting in the Middle East could halt navigation through the Strait of Hormuz.
Brent crude futures rose $3.86, or 5.2%, to $78.02 a barrel at settlement, the highest since June 19.
US West Texas Intermediate crude rose $3.08, or 4.4%, to $73.52 a barrel, the highest since June 22.
US President Donald Trump said that the interim agreement signed last month to end the war with Iran had expired.
Original source: Akhbaar24
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