Oil Prices Jump 3% After New U.S. Strikes on Iran

Oil prices climbed approximately 3% as the conflict between the United States and Iran intensified, marked by a week of mutual attacks. International benchmark Brent crude rose to about $90.78 per barrel, while U.S. crude saw a nearly 3% increase, reaching $84.85.

The escalating tensions have led to a decrease in traffic through the Strait of Hormuz, a critical waterway through which about 20% of the world's oil supply passes. The U.S. reimposed a naval blockade on Iranian ports last Wednesday, prompting some vessels to seek alternative routes along the coast of Oman, a move not approved by Tehran.

Fuel prices have also increased. The average price for gasoline in the U.S. is now just under $4 per gallon, according to the American Automobile Association (AAA). This represents a roughly 34% increase for American drivers since the conflict began.

In financial markets, futures for the Dow Jones, S&P 500, and Nasdaq indices fell by about 0.2%. The conflict between Iran and the U.S. is entering a new phase after a brief period of de-escalation.