Oil prices rose in Asia amid renewed fears of supply disruptions in the Middle East as the U.S. and Iran exchanged airstrikes, threatening the fragile interim peace deal between the two countries.
The U.S. struck sites along Iran’s coast and blocked its ability to sell oil legally on Tuesday following Tehran’s recent attacks on ships near the Strait of Hormuz, a key waterway through which one-fifth of the world’s oil is transported. Iran responded by firing drones and ballistic missiles at Bahrain and Kuwait, which host U.S. bases and have accommodated the U.S. military throughout the war, according to a senior U.S. official.
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