Oil prices rise as US and Iran exchange strikes, putting peace deal in doubt

Oil prices rise after fresh US strikes dent hopes of Iran peace deal

Brent crude rose 1.5% to $97.56 after US strikes on Iranian missile sites near the Strait of Hormuz erased Monday's 7% peace-deal drop. The strait blocks ~20% of global oil and gas flows; with the IEA warning of a summer supply crunch, energy cost volatility remains a live budget risk for infrastructure-heavy ops.