Oil Prices Surge After US Strikes on Iran and Renewed Sanctions

PUKMEDIA

Oil prices.

Oil prices climbed sharply in early trading on Wednesday after the US military announced a fresh wave of strikes against Iran and Washington reimposed sanctions on Iranian oil exports following attacks on commercial vessels in the Strait of Hormuz.

West Texas Intermediate (WTI) crude futures rose 2.90% to $72.45 a barrel, while Brent crude climbed to $76.57 a barrel.

US Central Command (CENTCOM) said it had carried out a series of strikes against Iranian targets, aimed at imposing what it described as "significant costs" in response to Iranian attacks on commercial shipping.

In a statement, CENTCOM said the military action was launched after Iran attacked three commercial vessels transiting the Strait of Hormuz, accusing Tehran of breaching the ceasefire agreement.

The renewed hostilities, coupled with growing concerns over maritime security in the Strait of Hormuz, have reignited fears of potential disruptions to Middle Eastern oil supplies.

The attacks also came shortly after the United States reversed a major concession that had allowed Iran to continue exporting oil to international markets, a move that could further tighten global oil supplies in the weeks ahead.


PUKMEDIA