Brent crude rises to $105 amid Strait of Hormuz tensions
Business
Brent crude oil just jumped to $105 a barrel as tensions heat up between the US and Iran in the Strait of Hormuz.
Hopes for a diplomatic fix had briefly cooled prices, but now, with Iran's foreign minister warning of a possible "doomsday war," markets are on edge.
Global markets jittery amid Iran standoff
The standoff is making oil markets jittery, especially since US President Donald Trump claimed to have rejected an Iranian deal.
With the Strait of Hormuz being such a crucial route for world oil shipments, even small threats can push prices up and spark volatility.
Meanwhile, US stocks saw modest gains, and India's Nifty index bounced back after weeks of losses, showing just how connected global markets are to these geopolitical moves.