Oil prices surged to a five-month high after a US strike on Iran’s nuclear facilities, but fell over 5.6% when Iran refrained from further attacks, including closing the Strait of Hormuz, a vital trade route. While a closure could spike prices significantly, analysts noted that Iran’s current restraint suggests economic retaliation isn’t imminent, easing immediate market concerns.
Explain It To Me Like I’m 5: Oil prices went up after the US attacked Iran, but then went down when it seemed like Iran would not attack again, although there are still worries about a key waterway that carries a lot of the world’s oil.
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