12.07.202623:43:21UTC+00Oil Jumps on Fresh US-Iran Strikes

Crude oil rose more than 3% to above $73 per barrel on Monday, breaking a two-day losing streak after the US and Iran exchanged new missile strikes over the weekend, heightening tensions over shipping in the Strait of Hormuz. On Sunday, the US conducted its fourth strike in a week against Iran in response to an Iranian attack on a Cyprus-flagged container ship. Tehran announced that the Strait of Hormuz would be closed “until further notice,” a claim that was promptly rejected by US Central Command. Oil prices have recovered since last week as renewed hostilities unwound part of the losses driven by an interim US–Iran peace agreement, which had raised expectations of increased energy supplies from the Middle East. The latest escalation has dampened hopes for renewed diplomacy, with Tehran insisting that Washington must first honor its previous commitments on Hormuz transit and the normalization of Iranian oil exports before talks can resume.