Fuel prices have surged following a fresh US strike on Thursday against a military installation in the Iranian port city of Bandar Abbas. The US Central Command (CENTCOM) reported that its forces also shot down four Iranian drones that were posing a threat in the vicinity of the Strait of Hormuz. The BBC reported this development, noting that immediately after the US strike, the price of Brent crude—the global benchmark for oil—rose by 3.75 percent, reaching $97.83 (£73.15) per barrel.
Meanwhile, the price of crude oil traded in the United States climbed by 4 percent, rising to $92.22 per barrel.
This attack occurred amidst a ceasefire between Tehran and Washington, and while negotiations were underway to resolve a conflict that has persisted for three months. This conflict has effectively brought traffic through the vital Strait of Hormuz to a standstill, consequently driving up fuel prices worldwide. Approximately one-fifth of the world’s total oil and liquefied natural gas (LNG) is typically transported through this strait.
On February 28, shortly after the United States and Israel launched attacks on Iran, Tehran issued threats to strike vessels utilizing the Strait of Hormuz.
