Oil prices soar as U.S. insists Strait of Hormuz is open amid ongoing attacks

Oil prices jumped more than 4% on Wednesday, with international benchmark Brent Crude trading above $95 a barrel. This marks a significant $20 rise since the U.S. and Iran resumed hostilities on July 7. The surge is attributed to ongoing attacks by Iran on ships transiting the vital Strait of Hormuz, a key global oil route. Despite U.S. Central Command's repeated assertions that the waterway "remains open," shippers remain reluctant to risk passage.

Iran's aggression extends beyond the Strait of Hormuz, with attacks also targeting U.S. assets in Kuwait, Bahrain, and Jordan. Adding to regional instability, Iran's Houthi allies have threatened to disrupt traffic in the Bab el-Mandeb strait, another critical maritime gateway. The Pentagon confirmed that four U.S. service members were killed in action between Friday and Sunday. This includes a soldier who died in an Iranian attack on an air base in Jordan and another killed during the controlled detonation of a downed drone in Iraq. These recent casualties bring the total number of U.S. service members killed to 18 since the conflict escalated.

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President Trump is scheduled to attend a dignified transfer ceremony on Wednesday for some of the U.S. service members killed in recent Iranian strikes. The ceremony is set for 11 a.m. at Dover Air Force Base in Delaware. The Pentagon stated that the latest U.S. strikes targeted "military logistics infrastructure" in Iran, marking the 11th consecutive night of U.S. military action. Iranian state media reported strikes occurring across the country.

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