Oil pushed higher in early Thursday trading after the renewed U.S. strikes, reviving fears that the Iran war will choke supply for longer. U.S. crude for July rose about 2.9 percent toward 93 dollars, while Brent for August gained about 2.5 percent to near 95.45.
The move rebuilds a geopolitical risk premium in a market already squeezed by the months-long disruption around the Strait of Hormuz, which handles close to a fifth of the world's oil.
Energy costs are now the main driver of U.S. inflation.
Sources: CNBC.
