economy
Oil jumps back above $70 as fresh U.S.-Iran clashes reignite Middle East supply fears
Oil prices rose as renewed U.S.-Iran strikes revived supply concerns.
TL;DR
- Oil prices rose due to renewed U.S.-Iran military strikes, raising supply concerns.
- Talks to end the conflict have reportedly been paused.
- Military tensions persist around the Strait of Hormuz, affecting energy markets.
- West Texas Intermediate futures rose 1.3% to $70.17 a barrel, and Brent climbed 0.78% to $72.55.
- The U.S. military struck 10 Iranian targets in retaliation for a drone strike on the M/T Kiku tanker.
- U.S. President Donald Trump warned Iran of severe consequences if hostilities continued.