Oil prices have surged as tensions between the US and Iran flared again, raising fresh concerns over supply disruptions in the Middle East after Washington reinstated pressure on Tehran and resumed military strikes. The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday revoked a two-month sanctions relief license for Iranian oil following reports of attacks on commercial tankers in the Strait of Hormuz. US forces also carried out a new wave of strikes against targets inside Iran overnight into Wednesday. September Brent crude futures rose as much as 6% on Wednesday from the previous close to $78.53 per barrel, while August WTI crude futures climbed 5.91% to $74.6 per barrel. Washington and Tehran reached a two-month ceasefire agreement on June 18, intended to create conditions for negotiations on a broader settlement between the two countries. The US has accused Iran of violating the ceasefire and threatening maritime security through attacks on commercial shipping, prompting what officials Washington described as a military response. Iranian state broadcaster IRIB reported a series of explosions overnight, saying seven blasts were recorded near the village of Taherui in Sirik County and another six near the city of Qeshm...Read more