Oil prices surge as violence flares in Strait of Hormuz

Oil prices surged due to escalating violence in the Strait of Hormuz, raising doubts about the fragile ceasefire between the United States and Iran. Brent crude rose nearly 6% to $114.44 a barrel, amid reports of US military destruction of Iranian vessels and attacks on UAE. The ITF urged caution, calling for full safety guarantees before ships transit the waterway.