Oil resumes rally as U.S.-Iran fire exchange rattles fragile Hormuz ceasefire

Oil prices jumped after the U.S. and Iran exchanged fire in the Strait of Hormuz, sharply elevating supply disruption risk in a critical global shipping chokepoint. The escalation raises fresh fears that the fragile ceasefire is unraveling, which is likely to keep energy markets volatile and support crude prices.

Analysis

Oil prices jumped after the U.S. and Iran exchanged fire in the Strait of Hormuz, sharply elevating supply disruption risk in a critical global shipping chokepoint. The escalation raises fresh fears that the fragile ceasefire is unraveling, which is likely to keep energy markets volatile and support crude prices.