Oil prices jump as Iran reportedly struck Hormuz targets
Oil prices shot up on Thursday after Iran reportedly hit "hostile targets" in the Strait of Hormuz, a key route for global energy.
US and global oil futures climbed more than 1%, and West Texas Intermediate (WTI) saw gains too.
Iran's threats to block US and Israeli ships, plus demands for compensation from hostile countries, have traders interpreting the report to mean Persian Gulf exports will remain restricted in the near term.
European gas surge amid shipping risks
The drama isn't just about oil: natural gas prices in Europe soared by up to 12% as traders braced for more shipping risks.
Iran is close to a new shipping deal with Oman but says the US is out unless it lifts an American blockade on Iranian ports.
Meanwhile, things remain tense with reports of explosions near a tanker and Iran-backed Houthi militants in Yemen said they targeted a Saudi oil tanker in the Gulf of Aden.