Oil Prices Up Amid New Middle East Fighting
Joint US-Saudi strikes and an Iranian retaliation mark an end to a lull in fighting in the Middle East, driving up oil prices and dampening hopes for de-escalation. Shipping traffic through the Strait of Hormuz remains minimal.
Oil Prices Jump as US-Iran Strikes Resume
REPORTER:
Oil prices have jumped almost $3 US dollars a barrel as renewed strikes between Iran and the US end a pause in fighting.
The US said it foiled an Iranian missile attack on US troops. The US and ally Saudi Arabia then hit Iran-backed groups they blame for striking Saudi oil facilities. Traffic in the Strait of Hormuz remains minimal, with just five cargo ships passing through on Tuesday. Analysts at financial company ING say recent events weaken hope that the Gulf region could see de-escalation soon.
