Mirian Gom 
LONDON – Oil prices climb to their highest level in two weeks after fresh United States military strikes on Iran reignite tensions in the Middle East following attacks on commercial vessels in the Strait of Hormuz.
Global benchmark crude prices rose by more than two per cent on Wednesday, extending gains from the previous trading session as investors grew increasingly concerned about energy supplies through one of the world’s busiest oil shipping routes.
The escalation follows US Central Command’s announcement that it launched what it describes as “powerful” strikes on Iranian targets in response to attacks on three commercial vessels transiting the Strait of Hormuz.
The US military says the strikes are intended to “impose heavy costs for targeting and attacking commercial shipping.”
The latest confrontation raises fresh doubts over diplomatic efforts to ease tensions and fully reopen the strategic waterway, through which roughly one-fifth of global oil supplies pass.
Iran’s Foreign Ministry accuses Washington of violating previous agreements and warns that it will take “decisive measures to protect its interests and national security.”
The military action comes shortly after the United States revokes a temporary sanctions waiver covering Iranian oil exports.
Security analyst Andreas Krieg of King’s College London says Iran remains determined to pursue its proposal to impose transit fees on vessels using the Strait of Hormuz.
“We are now in a sensitive period where potential alternatives to an Iranian toll or fee system are being explored,” Krieg says.
About the Author
Oluwatobi Adu 
Hussaini Ibrahim 
Korede Abdullah