Oil surges after US and Iran exchange military strikes
Business
Oil prices shot up this Thursday as the US and Iran exchanged new military strikes.
Brent crude hit $97.62 per barrel, its highest in over a month, and WTI reached $92.98.
The spike comes as worries grow about possible trouble in the Strait of Hormuz, a vital route for the world's oil.
Strait of Hormuz shipments still moving
Even though US officials say oil shipments through the strait are still moving, supply risks keep climbing.
Saudi Arabia's exports just dropped to their lowest in at least nine years, and US oil stockpiles fell by 4.5 million barrels last week.
With tensions high and supplies tighter, global oil prices have surged nearly 60% this year, leaving everyone watching what happens next.