Oil prices rise after US and Iran exchange fire in Hormuz strait
Oil prices rose on Friday in Asia after the US and Iran exchanged fire in the key Strait of Hormuz waterway. The US military said it intercepted what it called "unprovoked" Iranian attacks - including missiles, drones and small boats - and carried out self‑defence strikes as its ships were heading out of the Gulf through the strait.
Global oil benchmark Brent was up by 1.5% at $101.60 (£74.50) a barrel, as it eased back from a gain of more than 2% earlier in the session. US-traded oil was 1.1% higher at $95.87. President Donald Trump said the US-Iran ceasefire, which he extended indefinitely on 21 April to allow more time for peace talks, was still in place. Trump told reporters that negotiations with Iran are ongoing, repeating Washington's demand that Tehran must never have a nuclear weapon. He said, "The talks are going very well, but they have to understand if it doesn't get signed, they're going to have a lot of pain" and "I believe they want the deal more than I do." Trump told reporters that three US destroyers were involved in the latest exchange of fire. Several Iranian small boats had been "completely destroyed" and missiles that had targeted the US ships were "easily knocked down", he said on social media.
Iran's military accused the US of violating the ceasefire by targeting its ships, including an oil tanker, that were moving towards the Strait of Hormuz, according to Islamic Republic of Iran Broadcasting. It said "aerial attacks" were also carried out along the coastline near the strait, prompting Iranian forces to respond by attacking the US military vessels, inflicting "
Quick Summary
Tensions flared between the US and Iran in the Strait of Hormuz, a crucial waterway. Concerns are mounting about potential disruptions to global energy shipments - but what could this mean for prices?
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