Oil prices rise nearly 3% after US strikes on Iran
Business
Oil prices shot up nearly three percent after the US hit Iran with military strikes, responding to Iranian attacks on ships in the crucial Strait of Hormuz.
This narrow waterway is a global oil lifeline, so any trouble here quickly affects fuel prices everywhere.
By early morning, Brent crude was at $75.54 a barrel and WTI at $71.81.
US pulls back Iran export waiver
The US just pulled back a waiver that briefly let Iran export oil, part of a bigger crackdown after Iran targeted three ships, including Qatar's LNG tanker Al Rekayyat and what was believed to be Saudi supertanker Wedyan.
After an Iranian drone attack set fire to Al Rekayyat and forced its crew to evacuate, threat levels for ships in the area were raised to "severe."