Global oil prices spiked over 5% after US military strikes on Iran, intensifying West Asia tensions and threatening the security of the vital Strait of Hormuz shipping route.

Global oil prices have spiked around 5 percent following renewed tension in the Strait of Hormuz.

Traders brace for potential export disruptions as tensions flare around Hormuz

US strikes on Iran push oil prices higher, with crude oil reaching a new all-time high by September at 4.5% YES and by December at 10.5% YES.

Brent crude futures climbed $1.62, or 2.16%, to $76 a barrel, while U.S. West Texas Intermediate crude gained $1.63, or 2.31%, to $72 a barrel. Both benchmarks had already…

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.

Global oil prices spiked over 5% after US military strikes on Iran, intensifying West Asia tensions and threatening the security of the vital Strait of Hormuz shipping route.

Renewed U.S.-Iran military strikes and attacks on commercial shipping near the Strait of Hormuz have lifted oil prices and reminded markets that geopolitical risks remain a major…

“The current conflagration is a reminder to the market of how fragile passage through the Strait still is,” analyst says.