Business
Oil Higher on Hormuz Escalation, Weighing on Sentiment
Rising oil prices weighed on market sentiment in afternoon European trade after Iranian forces fired ballistic missiles on two U.S. Navy warships, representing a fresh escalation in the six-month conflict.
Brent crude oil rose 1.3% to $97.50 a barrel as both the U.S. and Iran ramped up efforts to assert control over the crucial Strait of Hormuz. The U.S. military said it struck three Iranian oil tankers in response to the Islamic Revolutionary Guard Corps attack on American ships.
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