Brent nears $98 after US strikes in southern Iran
Business
Oil prices shot up on Tuesday after the US launched military strikes in southern Iran, pushing Brent crude close to $98 per barrel and WTI past $91.50.
The Strait of Hormuz, a major route for about 20% of the world's oil, is now under heavy scrutiny, making global markets a bit jumpy.
Doha talks continue, US defends strikes
Despite the conflict, U.S.-Iran diplomatic talks are still happening in Doha, but nobody's expecting a quick fix.
The US says its strikes were defensive, targeting missile sites and boats allegedly laying naval mines.
Joseph Capurso at Commonwealth Bank of Australia warn that energy markets could stay unpredictable for a while, especially since reopening the Strait might take around 30 days if an agreement is reached.