Global oil prices have risen sharply after the United States carried out new attacks on Iran, targeting a military site in Bandar Abbas, a strategic port city.
The US Central Command, known as Centcom, confirmed its forces also shot down four Iranian drones described as posing a threat around the Strait of Hormuz.
Global oil benchmark Brent Crude rose by 3.75% to $97.83 a barrel following the news of the latest strikes.
US-traded crude climbed 4% higher to reach $92.22 a barrel as markets reacted to the escalating military activity in the region.
The attacks came despite an existing ceasefire between Tehran and Washington, with the two countries currently engaged in talks to end their conflict.
The ongoing conflict has lasted three months and has effectively closed the Strait of Hormuz, one of the world’s most critical waterways for energy supplies.
The closure of the strait has pushed up the cost of energy around the world, adding pressure to an already strained global economy.
Around a fifth of global oil and liquefied natural gas supplies normally passes through the Strait of Hormuz under ordinary circumstances.
The latest US strikes follow an earlier wave of attacks launched by the US and Israel on Iran on 28 February, which marked the beginning of the current conflict.
Shortly after those initial strikes, Tehran responded by threatening to attack vessels attempting to use the key shipping route through the strait.
The combination of active military operations, a disrupted ceasefire, and a blocked waterway continues to drive significant volatility across global energy markets.