Global oil prices rose sharply after the United States launched new strikes against Iran in response to Iranian attacks on commercial vessels near the Strait of Hormuz, while also reimposing sanctions on Iranian oil exports.
Brent crude futures, the global benchmark, climbed 5.8% to $76.20 per barrel at 1:00 a.m. ET. Meanwhile, West Texas Intermediate (WTI), the U.S. benchmark, gained 2.75%, reaching $72.38 per barrel, according to RKS News.
The latest escalation highlights the fragility of the preliminary understanding previously reached between Washington and Tehran, following weeks of recurring tensions and confrontations.
In response to the U.S. strikes, Iran accused the United States of violating the memorandum of understanding between the two countries and vowed to deliver a “devastating response.”
