The tension between the two countries is escalating, and now the global oil price is affected. Oil prices went up because the US continued its attack against Iran for the second day in a row. These latest actions from the military side have raised concerns about the disruption of oil supply around the globe.

Brent crude traded Thursday at $78.68 per barrel, an increase of 0.95% having hit a maximum of $79.15 per barrel. WTI US crude gained 74 cents, or 1.01%, trading at $74.26 per barrel.

In his remarks during the NATO summit in Turkey, the US President Donald Trump said that the ceasefire with Iran was "over." These remarks have raised concerns about the rising tensions in the Middle East and contributed to a surge in oil prices.

In addition, the US stock markets were falling amid the global uncertainties. Dow Jones Industrial Average fell 576.76 points (1.09%) to 52,348.39, closing on Wednesday. S&P 500 declined 0.28% to 7,482.71, while the Nasdaq Composite grew just 0.2% to 25,870.65.

US Central Command reported that the US military launched new strikes on Iran on Wednesday night. This action came just hours after President Donald Trump announced the end of an eight-week ceasefire. Referring to Tuesday's attacks, Trump said that Washington had already struck Tehran "very strongly" and did not rule out the possibility of further military action. Trump accused the Iranian leadership of repeatedly changing positions during negotiations, calling them "unreliable."

US Vice President J.D. Vance alleged that Iran had resumed attacks on commercial ships, a violation of the recent agreement. He warned that the US would respond more forcefully to any attempt to disrupt maritime traffic in the Strait of Hormuz.

Vance stated clearly that if attacks on ships continue, the US would also take military action. He said, "The agreement is very clear: if they attack, we will respond strongly." However, he declined to comment on possible military options.

The tension between the two countries is escalating, and now the global oil price is affected. Oil prices went up because the US continued its attack against Iran for the second day in a row. These latest actions from the military side have raised concerns about the disruption of oil supply around the globe.

Brent crude traded Thursday at $78.68 per barrel, an increase of 0.95% having hit a maximum of $79.15 per barrel. WTI US crude gained 74 cents, or 1.01%, trading at $74.26 per barrel.

In his remarks during the NATO summit in Turkey, the US President Donald Trump said that the ceasefire with Iran was "over." These remarks have raised concerns about the rising tensions in the Middle East and contributed to a surge in oil prices.

In addition, the US stock markets were falling amid the global uncertainties. Dow Jones Industrial Average fell 576.76 points (1.09%) to 52,348.39, closing on Wednesday. S&P 500 declined 0.28% to 7,482.71, while the Nasdaq Composite grew just 0.2% to 25,870.65.

US Central Command reported that the US military launched new strikes on Iran on Wednesday night. This action came just hours after President Donald Trump announced the end of an eight-week ceasefire. Referring to Tuesday's attacks, Trump said that Washington had already struck Tehran "very strongly" and did not rule out the possibility of further military action. Trump accused the Iranian leadership of repeatedly changing positions during negotiations, calling them "unreliable."

US Vice President J.D. Vance alleged that Iran had resumed attacks on commercial ships, a violation of the recent agreement. He warned that the US would respond more forcefully to any attempt to disrupt maritime traffic in the Strait of Hormuz.

Vance stated clearly that if attacks on ships continue, the US would also take military action. He said, "The agreement is very clear: if they attack, we will respond strongly." However, he declined to comment on possible military options.