- Oil prices, specifically Brent crude, rose on Tuesday after US military strikes in southern Iran, reversing a significant 7 per cent drop from the previous day.
- The earlier fall in crude prices on Monday was attributed to positive developments in peace talks between the US and Iran, which had briefly raised hopes for a resolution.
- US Central Command confirmed its forces targeted missile launch sites and Iranian boats near the Strait of Hormuz, stating the action was to protect US troops.
- These military actions have subsequently cast a shadow over the ongoing negotiations, which have a history of appearing close to a breakthrough only to collapse.
- The closure of the Strait of Hormuz by Tehran has severely disrupted global oil and gas flows, leading to a substantial increase in prices and prompting warnings from the International Energy Agency.
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