Oil Prices Jump After Fresh US Strikes on Iran

Global oil prices climbed sharply on Wednesday after the United States launched fresh military strikes against Iran, intensifying concerns over potential disruptions to energy supplies.

Benchmark Brent crude for August delivery rose 2.6% in early trading to US$76.09 per barrel. The increase followed a 3% gain on Tuesday after attacks on oil tankers transiting the Strait of Hormuz.

Washington said it carried out overnight strikes on targets inside Iran in response to the tanker attacks and also reinstated sanctions targeting Iranian oil exports.

Iran strongly criticised the US action, describing it as a serious breach of the framework agreement aimed at ending the conflict. Deputy Foreign Minister Kazem Gharibabadi said on X that Tehran would take "decisive measures" to protect its national interests and security.

At just over US$76 per barrel, Brent crude is now about 8.5% higher than its low recorded last week. Earlier this month, prices had dropped to around US$70 per barrel, the lowest level since the conflict with Iran began in late February.

Oil prices initially surged after the outbreak of hostilities, with Brent crude briefly exceeding US$126 per barrel in late April. Prices later eased as expectations grew that the conflict could be resolved, although those hopes have weakened following the latest escalation.