Oil prices surge after US Iran clashes Brent $96.28
Business
Oil prices just shot up after fresh military clashes between the US and Iran, making global markets pretty nervous.
Brent crude settling at $96.28 a barrel and WTI at $91.48 a barrel.
These are the biggest jumps we've seen since July, all thanks to renewed tensions in the Middle East.
India faces higher fuel prices
The spike happened after US strikes hit three Iranian oil tankers in response to missile attacks on US Navy ships.
With fewer tankers moving through the crucial Strait of Hormuz, there's real worry about oil shortages worldwide.
For countries like India, which imports nearly 90% of its crude oil requirements, this means higher fuel prices and more pressure on everyone's wallets as inflation risks grow.