Oil prices jump over 2% after U.S.-Iran clash in Strait of Hormuz raises conflict fears

Oil prices surged on Friday following an exchange of fire between the U.S. and Iran in the Strait of Hormuz, a key global oil shipping route. Brent crude rose 2.26% to $102.32 per barrel, while U.S. West Texas Intermediate gained 2.06% to $96.76. The incident heightened concerns about the fragile ceasefire between the two nations, with both sides blaming each other for the attacks. Despite President Trump's comments that the ceasefire remains intact and the strikes were minor, uncertainty persists as Iran reviews a U.S. peace proposal and the U.S. temporarily paused its naval escort mission in the area. Analysts warn that ongoing tensions could keep oil markets volatile and prices elevated in the near term.