crude oil

Global oil prices spiked as US military strikes in southwestern Iran triggered fresh geopolitical tensions in the Persian Gulf, raising concerns over energy security and supply disruptions.

Negotiations between the US and Iran resume in Oman as attacks on shipping in the Strait of Hormuz disrupt maritime traffic, though Brent crude prices remain stable.

Crude oil prices jumped 8% and approached $80 per barrel after U.S. President Donald Trump announced the end of the ceasefire with Iran, sparking energy market volatility.