Global oil prices climbed sharply after renewed military exchanges between the United States and Iran heightened concerns over potential disruptions around the Strait of Hormuz.
Brent crude rose 3.3% in early trading to $78.50 per barrel, rebounding from a recent low of $70.14. Meanwhile, US West Texas Intermediate (WTI) crude gained 3.4%, reaching $73.83 per barrel, as investors reacted to growing geopolitical tensions and fears of supply risks.
