Oil prices rose on Wednesday after the US retaliated with new strikes on Iran and reimposed sanctions on Iranian oil exports. US crude (WTI) rose 3.2% to $72.69 a barrel, while Brent crude rose the same percentage to $76.56 a barrel. The price increases came amid concerns that tensions in the Middle East could affect global supplies, particularly in the Strait of Hormuz, one of the most important oil shipping corridors.
US Central Command said the strikes were in response to Iranian attacks on three merchant ships in the Strait of Hormuz, accusing Tehran of violating the ceasefire. Analysts say the new tensions have added uncertainty to energy markets and raised fears of supply disruptions, although a full-scale escalation of the US-Iran conflict is not considered the most likely scenario.
