Oil prices climb on renewed tensions in Strait of Hormuz

International oil prices rose amid renewed geopolitical risks following sporadic clashes between the U.S. and Iran in the Strait of Hormuz. Both WTI and Brent crude saw increases, and the European Commission issued guidelines allowing European airlines to use U.S.-standard jet fuel to ease looming shortages due to the war in Iran. The IEA warned that Europe's aviation fuel reserves may only last six weeks, potentially leading to flight cancellations if the Middle East situation continues to disrupt oil supplies.