Business / NEWS UPDATE
Oil price rises above $117 a barrel amid fears US will renew strikes on Iran
Published · 1 min read
Oil prices surged to over $117 a barrel, the highest level since April, amid fears of renewed US military strikes on Iran.
Tehran threatened retaliatory attacks on Gulf refineries and data centers, escalating tensions in the Middle East. Iran claimed to have attacked four ships in the Strait of Hormuz, while the US ordered some diplomats to leave Saudi Arabia due to ongoing attacks by Houthi rebels. Supply concerns from Ukraine's bombardment of Russian refineries also contributed to the price hike.