Oil prices rise over 3% amid renewed Middle East fighting
Business
Oil prices are up over 3% today, with Brent at $96.30 and WTI at $93.63 per barrel.
The surge follows renewed fighting in the Middle East (Israel hit Lebanon, Iran fired back), which has dashed hopes for a U.S.-Iran peace deal and sparked worries about supply disruptions through the Strait of Hormuz, a key route for global oil.
Iran restrictions threaten importers like India
The Strait of Hormuz handles about 20% of the world's oil; Iran's restrictions there mean more uncertainty and could push prices even higher.
For big importers like India (which buys over 85% of its oil), this could mean pricier energy and rising inflation, so if you're wondering why everything costs more, global conflicts like this are often behind it.