Oil prices rose sharply on Sunday evening after the United States and Iran exchanged fresh strikes, raising concerns over the security of the Strait of Hormuz, a key route for global energy supplies. US-Iran conflict Fresh strikes and missile attacks raise fears of wider regional war US crude futures climbed 4.1% to $74.33 a barrel by 9:15 p.m. ET. Meanwhile, Brent crude, the international benchmark, gained 3.88% to $78.96 a barrel. The US military launched another wave of strikes on Iran after attacking 140 targets on Saturday, according to US Central Command. Washington said the strikes responded to an attack by Iran’s Islamic Revolutionary Guard Corps on a container ship transiting the Strait of Hormuz. In response, Iran targeted US military facilities in Jordan, Kuwait, Bahrain and Oman, according to Iran’s state news agency Tasnim. Meanwhile, Iranian state media claimed the Revolutionary Guard had closed the Strait of Hormuz until further notice. However, US Central Command rejected that claim. It said the waterway remained open to all vessels travelling lawfully through the strait. The command also said US forces remained ready to protect freedom of navigation despite what it described as Iranian threats and harassment. Post navigation Petrol prices Government raises petrol, diesel rates by over Rs13 per litre
