Oil posts largest weekly increase since April after tanker struck
Business
Oil prices are seeing their largest weekly increase since April, after an oil tanker was struck the night before and the US launched airstrikes on Iranian targets.
West Texas Intermediate hit $79 and Brent crude nearly $85 per barrel, both up around 12%.
This all means filling your tank could get pricier if things keep escalating.
Fewer tankers transit Strait of Hormuz
In response, Iran reportedly told Yemen's Houthi rebels to block a key Red Sea route if Iranian electrical infrastructure is struck, a move that could seriously affect Saudi oil shipments.
Meanwhile, fewer tankers are passing through the Strait of Hormuz (which handles almost 20% of global oil), and ongoing regional instability is making markets nervous about future supply.