Oil Prices Jump 6% as Iran Sets UAE Oil Port Ablaze, Strikes Vessels in Strait of Hormuz

Tensions escalated as Iran attacked vessels in the Strait of Hormuz and set fire to UAE oil ports, causing international oil prices to surge by more than 6%. The U.S. launched a military operation to secure shipping lanes, while OPEC+ plans to increase oil production targets. This situation is creating uncertainty in the global energy market.