Oil prices surge after renewed Middle East hostilities.

Tensions were further fuelled by the United States’ decision to revoke the licence allowing the sale of Iranian oil.

The U.S. armed forces announced that they had carried out a series of powerful strikes against Iran after three commercial vessels passing through the Strait of Hormuz were attacked yesterday.

The military warned that Tehran would face severe consequences for attacks on commercial shipping.

According to shipping tracking data, at least four oil and gas tankers turned back after attempting to pass through the Strait of Hormuz.

The new escalation threatens to test the fragile ceasefire agreed last month, which had allowed the reopening of the key maritime route after months of disruption.

As a sign of the deteriorating situation, the U.S. Treasury Department last night withdrew the waiver that had allowed Iran to sell its oil.

Oil prices rose slightly in Asian trading after an attack on an oil tanker off the coast of Oman.

Prices remain well below the peak of $120 per barrel reached during the war between the United States and Iran, but the increase unsettled the bond market and raised inflation risks, as the six-month conflict has already reduced global inventories.

U.S. light crude West Texas Intermediate for August delivery rose by 2.87% to $72.46 per barrel.