Oil prices jump as US and Iran trade attacks over Strait of Hormuz
Oil prices jump as US and Iran trade attacks over Strait of Hormuz Brent crude climbs more than 4 percent as Washington and Tehran clash over control of...
Key points
- Oil prices jump as US and Iran trade attacks over Strait of Hormuz Brent crude climbs more than 4 percent as Washington and Tehran clash over control of critical waterway.
- Oil prices have jumped amid the latest outbreak of hostilities between the United States and Iran over the Strait of Hormuz.
- Brent crude, the main international benchmark, rose more than 4 percent on Monday as Washington and Tehran traded attacks amid their escalating standoff over control of the critical waterway.
- US Central Command (CENTCOM) said on Sunday that it had carried out dozens of strikes on Iran to degrade its ability to attack vessels in the strait, hours after striking hundreds of targets in the country.
What happened
Oil prices jump as US and Iran trade attacks over Strait of Hormuz Brent crude climbs more than 4 percent as Washington and Tehran clash over control of critical waterway. Oil prices have jumped amid the latest outbreak of hostilities between the United States and Iran over the Strait of Hormuz. Brent crude, the main international benchmark, rose more than 4 percent on Monday as Washington and Tehran traded attacks amid their escalating standoff over control of the critical waterway. US Central Command (CENTCOM) said on Sunday that it had carried out dozens of strikes on Iran to degrade its ability to attack vessels in the strait, hours after striking hundreds of targets in the country. Iran’s Persian Gulf Strait Authority, which claims the right to control traffic through the Strait of Hormuz, earlier reiterated that vessels attempting to cross the waterway without using its preferred route would “not be covered by safe passage guarantees”. Oil prices, which had returned to pre-conflict levels following the signing of the memorandum on June 17, are now about 9 percent higher than before the US and Israel launched their initial strikes on Iran in late February.