New York, July 09 (QNA) - Crude oil prices rose more than 5% at settlement Wednesday after new strikes were launched on Iran, spurring concerns that renewed hostilities in the Middle East could halt shipping traffic through the Strait of Hormuz.
Brent crude futures surged by $3.86, or 5.2%, to $78.02 per barrel at settlement, their highest level since June 19.
US West Texas Intermediate (WTI) crude rose by $3.08, or 4.4%, to $73.52 per barrel, its highest level since June 22.
US President Donald Trump said the interim agreement with Iran to end the war was "over", ruling out a return to a full-scale war with Iran, which contributed to oil prices pulling back from their session highs after earlier gains that reached almost 9%.
Following these remarks, the US military announced that it had conducted strikes against targets in Iran, asserting that the operations were intended to degrade Tehran's capability to threaten navigation in the Strait of Hormuz.
In a statement, the US military said its forces had embarked on conducting additional strikes against Iran as part of efforts to protect maritime navigation security in the region. (QNA)