Benchmark prices for crude oil rose on Thursday as Iran said it targeted a US airbase in response to American air strikes. Commercial traffic through the Strait of Hormuz, which had slightly ticked up…

Oil prices climbed as US forces conducted airstrikes and intercepted drones near the Strait of Hormuz, while diplomatic efforts between Washington and Tehran remained stalled.

Benchmark prices for crude oil rose on Thursday as Iran said it targeted a US airbase in response to American air strikes. Commercial traffic through the Strait of Hormuz, which…