WASHINGTON DC: Oil prices jumped sharply after the US carried out new attacks on Iran, targeting a military site in the strategic port city of Bandar Abbas.

The US Central Command (Centcom) said its forces also shot down four Iranian drones that “posed a threat around the Strait of Hormuz”.

Following the escalation, global oil benchmark Brent rose by 3.75% to $97.83 (£73.15) per barrel, while US-traded crude climbed 4% to $92.22.

Global energy prices have fluctuated sharply since the conflict began, with Brent crude briefly climbing to around $120 per barrel. Before the war, it was trading at about $70 per barrel.

The strikes come despite a ceasefire between Tehran and Washington, as the two countries continue talks aimed at ending a three-month-long conflict that has effectively disrupted the key Strait of Hormuz waterway, driving up global energy costs.