Oil rises after US strikes amid Strait of Hormuz tensions
Business
Oil prices climbed on Wednesday after tensions ramped up between the US and Iran in the Strait of Hormuz, a key route for global oil shipments.
Brent crude climbed to $75.53 a barrel, and WTI rose to $71.87, following US strikes after Iran targeted several vessels, including a Saudi tanker.
US rescinds Iran oil export waiver
The US also pulled back a sanctions waiver that let Iran export oil, making things even tenser.
With about 20% of the world's oil passing through this area, traders are worried about supply disruptions, so much so that even European natural gas prices jumped nearly 5%.
Earlier price drops have now reversed as everyone braces for more volatility in this crucial region.