Oil prices jump as Iran warns Strait of Hormuz ‘cannot be the same’ | CNN Business

Oil prices rebounded Tuesday and US gas prices rose as Iran intensified its attacks on energy infrastructure across the Middle East and a senior regime figure suggested that the crucial Strait of Hormuz wouldn’t become safe for ships anytime soon. Brent crude, the global oil benchmark, rose 3% to trade around $103 a barrel, having jumped more than 4% earlier in the trading session. WTI, the US benchmark, climbed 3.7% to trade around $97 a barrel. Gasoline prices in the United States continued to march higher, rising 7 cents Tuesday to a nationwide average of $3.79 a gallon – the highest price for a gallon of regular gas since October 2023, according to the American Automobile Association. Can your wallet withstand rising gas prices? Let us know In a televised interview Tuesday, Iranian parliamentary speaker Mohammad Baqer Qalibaf said the Strait of Hormuz remained under threat because of the American and Israeli presence in the Gulf region. “The Strait of Hormuz cannot be the same as before and return to its previous conditions,” Qalibaf said, adding that “there is no longer any security.” He also cautioned that US bombs and jets could not destroy Iran’s weapons facil