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The Economic Times
The Economic Times
Business

Oil rises after US launches fresh strikes against Iran

United States Iran Oil Strait of Hormuz Donald Trump Insurance

Oil prices rose on Thursday after the U.S. launched fresh strikes against Iran, denting hopes for an end to the Iran war and for the full reopening of the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies.

Brent crude futures rose ‌78 cents, ⁠or 1% ⁠to $78.8 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures were up 74 cents, or 1.01%, at $74.26 a barrel.

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