Oil prices surged in early Asian trade on Friday after Iran and the U.S. exchanged fire in the Strait of Hormuz, threatening to break the very fragile ceasefire that has held for a month so far.
At the time of writing, Brent crude had climbed 2.64% to $102.70 per barrel, while West Texas Intermediate was trading 1.95% higher at $96.66.
The latest escalation in the conflict has been the most serious confrontation since the ceasefire took effect in early April, with Iran's military accusing the U.S. of violating the ceasefire by targeting an Iranian oil tanker and another vessel. When asked whether the ceasefire was still in effect, Trump suggested it was still in effect because if it wasn't, then there would be "one big glow coming out of Iran".
U.S. Central Command confirmed U.S. strikes inside Iran but described them as "self-defense strikes" after "unprovoked Iranian attacks". The strikes came as three U.S. destroyers transited the Strait of Hormuz and came under fire from Iranian missiles, drones, and small boats. The U.S. claimed it then "eliminated inbound threats and targeted Iranian military facilities responsible for attacking U.S. forces."
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