Global oil markets are bracing for a potential surge in prices following a significant escalation in tensions between the US and Iran. The US has renewed its blockade on Iranian ports, crippling the country's oil exports, while also launching a series of air strikes against Iranian military targets. The move is seen as a major provocation by Iran, which has vowed to retaliate against the US and its allies. As the situation continues to unfold, oil prices are expected to rise sharply, with analysts warning of potential disruptions to global supplies and a significant impact on the world economy.
Oil prices rise as the US renews a blockade on Iranian ports and carries out a wave of air strikes.
