Oil prices edge higher after strikes on Israel test ceasefire
Global oil prices have risen following renewed missile strikes between Iran and Israel, despite a fragile ceasefire. President Trump has urged Israel to refrain from retaliation to protect ongoing diplomatic negotiations.
Why it matters
The volatility in oil prices directly impacts the global economy and energy security, particularly regarding trade routes like the Strait of Hormuz.
Share Save Add as preferred on Google Osmond Chia Business reporter AFP via Getty Images Oil prices climbed on Monday morning trade in Asia after Iran fired missiles at Israel for the first time since a fragile ceasefire was agreed between the countries and the US in April.
The article balances the military situation with the economic consequences and diplomatic efforts.
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