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Oil prices climbed on Tuesday.
The West Texas Intermediate for August delivery gained 1.89 U.S. dollars, or 2.76 percent, to settle at 70.44 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery went up 2.17 dollars, or 3.01 percent, to settle at 74.16 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle higher
U.S. forces launched "a series of powerful strikes" against Iran on Tuesday after three commercial ships transiting the Strait of Hormuz were attacked, the U.S. Central Command (CENTCOM) said.
In a post on X, CENTCOM said the strikes aim to "impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway."
It accused Iran of violating the ceasefire by demonstrating "unwarranted and dangerous" behavior.
According to a U.S. official, Tuesday's strikes targeted Iran's air defense systems, coastal surveillance systems, surface-to-air missiles, anti-ship cruise missiles, and drone launch sites.
Explosions were heard near Iran's Qeshm Island and in the southern port cities of Bandar Abbas and Sirik in the early morning hours of Wednesday, according to Iranian state outlet Press TV.
The latest development came after the United Kingdom Maritime Trade Operations on Tuesday reported three separate attacks involving tankers transiting the Strait of Hormuz.
US Central Command forces begin launching powerful strikes against Iran
