Oil prices rise amid escalating fears of Iran and U.S. ceasefire collapse

Oil prices rose by more than 2% after the United States launched airstrikes on Iran and reimposed sanctions on Iranian oil sales, sparking fears of a collapse in the ceasefire agreement and the possibility of new disruptions to oil supplies in the Middle East. This comes amid escalating tensions following Iranian attacks on commercial ships in the Strait of Hormuz, one of the world's most vital oil transport routes, increasing concerns about supply stability. Brent and Texas Intermediate prices each increased by approximately 2.6%, as market expectations grew of future supply restrictions.

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