Oil prices climb as US strikes on Iran fuel fears truce is unravelling

Oil prices climbed nearly 2% on ​Wednesday after the US military launched airstrikes against Iran and reimposed crude sales sanctions, raising fears their fragile ‌truce was unravelling and Middle East supplies could be disrupted again. The US airstrikes were in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz, US Central Command said on Tuesday. The strait is a key waterway for the transport of Middle Eastern ​oil shipments to wider markets. Brent crude futures gained $1.38, or 1.9%, to $75.54 a barrel, and U.S. West Texas Intermediate ​crude climbed to $71.81 a barrel, up $1.37, or 1.9% at 0128 GMT. Both benchmarks rose about 3% on ⁠Tuesday after the U.S. revoked the general licence authorising the sale of Iranian crude following the Iranian attacks. “The current conflagration ​is a reminder to the market of how fragile passage through the Strait still is,” said Saul Kavonic, head of research ​at MST Marquee.