The US carried out a new round of strikes in Iran targeting more than 80 sites and revoked a waiver allowing new sales of its oil, further imperiling a peace agreement after a series of attacks on ships in the Strait of Hormuz.
American forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats.
Brent oil climbed 3.4% to trade near $77 a barrel early Wednesday. The rebound, after futures had plunged in the second quarter as regional tensions cooled, could rekindle inflationary concerns in global markets and among policymakers.
Brent prices touched a peak above $126 a barrel in late April, two months after the US and Israel began the military campaign against Iran. Prices returned toward pre-conflict levels this month on growing signs of a recovery in supplies.
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