Oil Prices Jump After US Strike on Iran's Qeshm Island Raises Hormuz Risks

Oil prices surged after reports of a US strike on Iran's Qeshm Island, raising concerns about escalating conflict and potential supply disruptions through the Strait of Hormuz. Brent crude traded near $105 per barrel at the time of reporting. Multiple explosions were heard on Qeshm Island, with state media reporting two aircraft flying overhead. Iran's Islamic Revolutionary Guard Corps claimed to have shot down three US drones near the strait, which previously carried about a fifth of global crude and natural gas supplies. The US-Iran conflict, which began in late February, has sharply reduced Hormuz traffic and is seen as a key driver of high gasoline prices pressuring voters. India's crude basket stood at $118.74 per barrel, with experts warning of inflation and stock market risks given the country's 85-90 percent import dependence.