Oil prices jump 6% (Pinterest)
New Delhi: Oil Prices have hiked as the tensions renewed between Unite States and Iran threaten to derail a fragile ceasefire which brought some relief to global markets.
Brent crude Oil Prices jumped to 6% on Wednesday after US President Trump said, "The US Ceasefire with Iran was over, as far as I’m concerned, it’s just a waste of time.”
Brent crude, the main international benchmark, rose more than 3 percent on Wednesday, reversing a slide that had seen prices return to pre-war levels.
According to U.S. officials, the strikes were carried out in response to attacks on commercial vessels navigating the Strait of Hormuz.
The U.S. military said it targeted facilities linked to missile launches, drone operations and air defence systems, adding that the action was intended to deter further attacks on civilian shipping.
Iran has denied involvement in the tanker attacks and condemned the strikes as a violation of its sovereignty.
Iran has denied involvement in the tanker attacks and condemned the strikes as a violation of its sovereignty.
Tehran has not directly claimed responsibility for the attacks, but has repeatedly warned vessels against attempting to transit the waterway on routes it has not approved.
Iranian Deputy Foreign Minister Kazem Gharibabadi said earlier that Tehran would take “decisive actions” to safeguard its interests and security in response to the revocation of the waiver, describing the move as a “blatant violation” of the memorandum of understanding (MoU) signed by Washington and Tehran on June 17.
Asian stock markets were showed mixed reactions, with steep losses in Tokyo and Seoul and gains in Taipei and Hong Kong.
The latest market volatility came after the US launched attacks on Iran and revoked a temporary waiver of sanctions on Iranian oil, following attacks on three commercial vessels in the Strait of Hormuz.
