Oil Prices Jump After U.S. and Iran Exchange Fire in Strait of Hormuz

Oil prices surged in early Asian trade on Friday after Iran and the U.S. exchanged fire in the Strait of Hormuz, threatening to break the very fragile ceasefire that has held for a month so far. At the time of writing, Brent crude had climbed 2.64% to $102.70 per barrel, while West Texas Intermediate was trading 1.95% higher at $96.66. The latest escalation in the conflict has been the most serious confrontation since the ceasefire took effect in early April, with Iran's military accusing the U.S. of violating the ceasefire by targeting an…