Oil price jump up on Friday as US and Iran exchange fire for the key Strait of Hormuz waterway. The US say dem make self-defence strikes because of “unprovoked” Iranian attacks as US ships dey leave the Gulf through the strait, wey dey south of Iran.
Iran say the US don violate the ceasefire wey dem agree for April, according to their state media. The global Brent oil benchmark price rise almost 3% to nearly $103 per barrel at one point before e fall back to around $100.
Despite the attacks, US President Donald Trump talk on Friday say the US-Iran ceasefire still dey in place. Iranian state media report say the situation “don return to normal now”. More than one-fifth of the world oil and gas dey pass through the Strait of Hormuz, wey don effectively block since the start of the US-Israel war with Iran.
Before the conflict begin, oil dey trade for around $70 per barrel. Trump tell reporters say three US destroyers dey involve for the latest exchange of fire. Several Iranian small boats don “completely destroy” and missiles wey target the US ships dem “easily knock down
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