Oil prices surge more than 3%

(NBC, KYMA) - Oil prices surged more than 3% today after renewed military strikes between the U.S. and Iran reignited concerns over energy shipments through the Strait of Hormuz.

New U.S. And Iranian strikes over the weekend fueled fears of a renewed escalation.
Tehran targeted U.S. Facilities across the gulf on Sunday and said it had again closed the Strait of Hormuz.

Iran's revolutionary guards said on Monday they had attacked U.S. Military bases in Kuwait and Bahrain.

Before the conflict began in late February, the Strait of Hormuz handled about one-fifth of global daily oil and liquefied natural gas supplies.

The escalating attacks cast doubt on the future of an interim U.S.-Iranian agreement signed last month that aimed to reopen the strait and end the war after a further 60 days of negotiations.

Despite Iran's earlier declaration that it had closed the waterway after a vessel traveled on an unauthorized route and was struck.

President Donald Trump said on Sunday that the Strait of Hormuz remained open to commercial traffic.