Oil prices climbed to multi-week highs as renewed U.S.-Iran tensions and concerns over Strait of Hormuz shipping disruptions revived the geopolitical risk premium.

Oil prices surged by more than 4% after renewed U.S.-Iran hostilities and competing claims over the status of the Strait of Hormuz reignited fears of major supply disruptions.

Surging crude prices spark worries over fuel costs and delayed rate cuts