NEW YORK (Lord Media): Global oil prices have surged due to escalating tensions between the United States and Iran. According to media reports, oil prices have increased by more than 3 percent. Brent crude oil prices rose by 2.67 U.S. dollars (3.51 percent), reaching 78.68 U.S. dollars per barrel. Experts attribute this rise to fears that the ongoing tensions could disrupt oil shipments through the Strait of Hormuz. According to the U.S. Energy Information Administration, approximately 20 percent of the world’s crude oil supply was transported through the Strait of Hormuz before the conflict, making this crucial waterway a focal point for the global market.
The U.S. military has launched further attacks on Iran. The U.S. Central Command (CENTCOM) issued a statement saying that U.S. forces have initiated additional attacks against Iran. According to CENTCOM, the aim of these attacks is to further weaken Iran’s capability to target civilian and commercial vessels passing through the Strait of Hormuz.
