Oil prices soar as U.S. insists Strait of Hormuz is open amid ongoing attacks
Summary
The U.S. military says the Strait of Hormuz, a key shipping route in the Middle East, is still open despite ongoing attacks by Iran. These attacks have increased oil prices by over 4%, and U.S. President Donald Trump plans to attend a ceremony for American service members killed in recent Iranian strikes.Key Facts
- Iran has attacked ships in the Strait of Hormuz and U.S. assets in Kuwait, Bahrain, and Jordan.
- Oil prices rose more than 4%, with Brent Crude above $95 a barrel, a $20 increase since July 7.
- The U.S. has conducted 11 consecutive nights of strikes targeting Iranian military infrastructure.
- Four U.S. service members were killed from Friday to Sunday, bringing total U.S. deaths to 18 since the conflict began.
- President Trump will attend a dignified transfer ceremony for some fallen soldiers at Dover Air Force Base.
- Iran's allies, the Houthi rebels in Yemen, have threatened to block the Bab el-Mandeb strait, another important shipping route.
- The Bab el-Mandeb strait connects the Red Sea to the Gulf of Aden and is a major route for energy markets.
- An Iranian official stated that the Strait of Hormuz "belongs to us," emphasizing Iran's claim over the area.
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