US and Iran Exchange Fire in Hormuz Strait, Brent Crude Jumps to $103 a Barrel

Oil prices surged after US and Iranian forces exchanged fire in the Strait of Hormuz. The US cited self-defence, while Iran accused Washington of violating a ceasefire. Brent crude briefly rose almost 3% to nearly $103 a barrel, highlighting ongoing market volatility despite claims of de-escalation.