Oil Prices Jump After U.S.-Iran Clash in Strait of Hormuz

Oil prices jumped sharply after the U.S. and Iran exchanged fire in the Strait of Hormuz, a critical waterway for global oil shipments. Brent crude stayed above $100 a barrel, and U.S. crude rose about 3% as traders worried about supply disruptions.

The clash escalated tensions in the region, with more than 40 ships bound for India trapped near the strait. Markets were whipsawed by conflicting signals from Washington and Tehran, and a $7 billion investigation into oil bets added to the uncertainty.