Oil Prices Jump After Fresh US Strikes on Iran End Truce Hopes

Oil prices increased by more than 1% on Thursday after a new wave of US military strikes on Iran raised concerns about the ongoing conflict.

Brent crude oil rose by 86 cents, or 1.1%, to $78.88 per barrel, while US West Texas Intermediate (WTI) crude gained 85 cents, or 1.2%, to $74.37 per barrel.

The rise came after the US launched new airstrikes on Iranian military targets, increasing fears that tensions in the region could continue.

According to US Central Command, American forces targeted about 90 Iranian military sites along the coast. The US said the operation was aimed at keeping the Strait of Hormuz open for international shipping.

The Strait of Hormuz is one of the world’s most important oil shipping routes, carrying about one-fifth of global oil supplies before the conflict.

The latest fighting has raised doubts about hopes for peace and has increased concerns among energy markets. Analysts said the renewed conflict has added uncertainty and pushed oil prices higher.

The tensions have also affected shipping in the region, with many shipowners and insurance companies becoming more cautious because of security risks.

Experts believe oil prices could remain volatile in the coming months as uncertainty over the Middle East conflict continues.