LIVE UPDATES: ATTACKS AT SEA THREATEN REGION AS HOPES FADE FOR STRAIT OF HORMUZ DEAL - CNN

Attacks on ships in the Strait of Hormuz have derailed talks to reopen the vital shipping lane, sending global oil prices higher as traders reassess supply security. The incidents have intensified pressure on U.S. and Iranian negotiators and disrupted hopes that the two nations would reach a deal to keep the strait open.

According to Reuters and U.S. market reports, crude prices have climbed above $83 a barrel, while recent spikes pushed some benchmarks close to $90 a barrel amid growing concerns about U.S.-Iran tensions. Iran has stated it will not allow the strait to reopen until certain conditions are met, a stance echoed in statements from U.S. oil market analysts. Al Jazeera notes that the attacks have dented optimism over a potential agreement to keep the channel open, a key route that carries about a fifth of the world's oil. The attacks also raised supply‑concern headlines in the New York Times and CNBC, which highlighted how the situation could further tighten global oil markets.

The Strait of Hormuz is a strategic chokepoint where a significant portion of the world’s oil passes; any disruption can have broad economic impacts. The recent flare‑up comes at a time when U.S. and Iranian officials are trying to negotiate a deal that would secure the flow of oil and calm market volatility.

• Attacks in the Strait of Hormuz halted progress on a U.S.-Iran reopening deal.
• Oil prices surged above $83 a barrel, with some markets nearing $90 a barrel.
• Iran stated the strait would not reopen until specific conditions are met.

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