Oil prices rise after renewed US-Iran tensions
Global oil prices climbed sharply following renewed military action involving the United States and Iran.
Brent crude moved closer to $80 per barrel, while West Texas Intermediate also posted strong gains. The increase came after US President Donald Trump stated that the interim agreement with Iran had ended.
The United States carried out strikes on multiple targets in Iran, saying the action was in response to attacks on commercial shipping. Washington also reinstated sanctions affecting Iranian oil exports by revoking a temporary waiver that had allowed limited sales.
Iranian leaders condemned the strikes, accusing the US of violating the earlier agreement and warning that pressure tactics would not change Tehran’s position.