Oil Prices Stabilize After Renewed US Iran Strikes Rock Peace Hopes The recent spike in oil prices has been tempered, at least for now, as the US and Iran engage in another round of tit for tat attacks in the Strait of Hormuz.
The fragile truce between the two nations was dealt a blow when President Donald Trump declared that the ceasefire was over following Iran's renewed attacks on ships in the region.
Tensions between the US and Iran have been escalating for months, with the Strait of Hormuz serving as a critical chokepoint for global oil supplies.