Oil prices rose after the United States (US) launched fresh strikes on Iran and tightened sanctions on Iranian oil exports following recent attacks on commercial shipping in the Strait of Hormuz.
The global oil benchmark Brent crude was up around three per cent to $76 a barrel at one point.
Though off the peak of $120, it’s enough to raise inflation risks.
The US Central command said the strikes against Iran were “to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway”.
The US accuses Iran of attacking three commercial ships transiting the Strait of Hormuz, calling it a clear violation of the ceasefire.
Oil prices have come down but jumped after the US strikes. Brent crude, the main international benchmark, rose 3% at one stage.
–SABC–
