Oil prices jump as US and Iran step up tit-for-tat strikes
- Posted on July 12, 2026
- By Financial Times
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- 1 min read
Geopolitical tensions between the United States and Iran are intensifying global energy markets, with crude oil prices surging amid concerns about potential disruptions to maritime trade routes. The escalating military confrontation threatens to compromise the Strait of Hormuz, a critical chokepoint responsible for transporting approximately one-third of the world's seaborne petroleum. Market analysts warn that any blockade or attack on commercial vessels could severely limit oil supply and trigger significant price volatility across international energy markets.
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