Global oil prices climbed sharply on Wednesday after the United States launched fresh military strikes against Iran, raising fears of further instability in the strategically important Strait of Hormuz.
Brent crude, the international benchmark for oil, rose by as much as 3 percent to $76.07 per barrel, its highest level in two weeks, reversing earlier declines that had returned prices to pre-war levels.
The price increase followed US airstrikes on Iranian targets and Washington's decision to cancel a temporary sanctions waiver that had allowed limited Iranian oil exports. The US move came after three commercial vessels were attacked in the Strait of Hormuz, a key global shipping route.
US, Saudi Arabian and Qatari officials accused Iran of being responsible for the attacks, although Tehran has not officially admitted involvement. Iran has, however, warned ships against using routes it says are not approved by its authorities.
The US Central Command said the strikes were aimed at imposing "heavy costs" on Iran over attacks on international commercial shipping.
Iran condemned the US decision to revoke the sanctions waiver, with Deputy Foreign Minister Kazem Gharibabadi describing it as a violation of the June 17 memorandum of understanding between Washington and Tehran.
Market analysts warned that tensions in the Strait of Hormuz could keep oil prices elevated in the coming weeks, especially if shipping disruptions continue or the conflict escalates further.
The Strait of Hormuz handles a significant share of the world's oil exports, making any disruption in the area a major concern for global energy markets and the world economy.
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