Oil prices surge and shipping is disrupted after US and Israeli strikes on Iran

Oil prices jumped, with US oil rising above $81 a barrel, after the United States and Israel launched strikes against Iran. The conflict heightened fears over the security of shipments through the Strait of Hormuz, a critical waterway for global oil transport.

Iran said it hit a US oil tanker in the Gulf, and reports indicated three tankers were damaged and one seafarer was killed. Trump pledged the US Navy could escort ships and provide insurance for tankers to ensure safe transit. The industry group Platts suspended its assessment process for some Persian Gulf ports due to the instability.

OPEC+ agreed to a modest increase in oil output despite the supply disruptions. US gasoline prices surged, and the US government said it had no immediate plan to tap its strategic oil reserve to stabilize the market.