Oil prices surge as Iran and US battle over control of Strait of Hormuz

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleThree boys play in the shallow waters of the Strait of Hormuz, as a plume of smoke rises from an explosion in the background, off Bandar Abbas, Iran (AP)Oil prices rose again Tuesday after the United States and Iran exchanged more strikes amid a renewed battle over control of the Strait of Hormuz.Iran fired ballistic missiles at a US air base in Jordan while the US conducted five hours of attacks on Iranian targets. The attacks followed Iran's announcement on Saturday that it was closing the Strait, which led US President Donald Trump to reinstate a blockade on Iranian shipping and propose a 20% fee for guarding the crucial waterway.The renewed hostilities have driven oil prices to four-week highs, with Brent crude futures rising 5% to $87.49 per barrel Tuesday, the highest price since June 12 but still well below the peak since the war began.Analysts suggest that while the conflict currently remains within controlled limits, with both sides seeking leverage for a potential peace deal, there is a significant risk of the fighting escalating beyond control.The ongoing war, which has disrupted global energy supplies and contributed to rising petrol prices in the US, is proving unpopular ahead of congressional elections in November.In fullIran-US war latest: Tehran launches missiles on tankers in Strait of Hormuz after more Trump strikesMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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