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Oil prices edge higher as U.S. retaliation against Iran continues
The renewed escalation follows repeated attacks on oil tankers transiting the Strait of Hormuz and nine consecutive nights of U.S. bombing of Iran.
Oil prices moved slightly higher as the U.S. continued retaliatory strikes against Iran, following President Donald Trump’s comments that Iran would pay for the killing of U.S. service members.
According to CNBC Markets, the U.S. has bombed Iran for nine consecutive nights in retaliation for repeated attacks on oil tankers transiting the Strait of Hormuz.
CNBC World also linked the latest price uptick to the ongoing tit-for-tat between the two sides and the impact such violence can have on shipping through one of the world’s key oil transit chokepoints.