Last month, after the US and Iran reached a truce agreement, oil prices had retreated to pre-war levels as traders built large short positions in oil futures, betting prices would continue to fall.Oil prices jumped nearly 2 per cent on Wednesday amid renewed tensions in the Middle East after the US launched fresh strikes on Iran and reimposed sanctions on Iranian crude sales, news agency Reuters reported. Following the exchange of fire, the threat level in the Strait of Hormuz has been raised to severe.The escalation followed what the US described as Iranian attacks on three commercial vessels transiting the Strait of Hormuz, a key shipping route for Middle Eastern oil exports.Brent crude futures rose $1.38, or 1.9 per cent, to $75.54 a barrel, while US West Texas Intermediate crude gained $1.37, or 1.9 per cent, to $71.81 a barrel at 0128 GMT. The rising prices could have global repercussions and send domestic prices across nations spiralling. Till the signing of the Memorandum of Understanding between Iran and the US, India raised petrol and diesel prices at least four times since March.Both benchmarks had already climbed about 3 per cent on Tuesday after Washington revoked the general licence that had authorised the sale of Iranian crude following the reported attacks.Last month, after the US and Iran reached a truce agreement, oil prices had retreated to pre-war levels as traders built large short positions in oil futures, betting prices would continue to fall.Security threat raised to ‘severe’The spike in oil and gas prices came after a Qatari LNG tanker faced the risk of explosion and a Saudi crude tanker was damaged near the Strait of Hormuz on Tuesday. The attacks prompted the United Kingdom Maritime Trade Operations to raise the security threat level for vessels passing through the waterway to “severe”, Reuters reported.The US Navy-led Joint Maritime Information Center (JMIC) also elevated the threat level from “substantial” to “severe”, citing deliberate hostile action under current conditions. It marked the first time since June 15 that the threat level had been raised to its highest category.Story continues below this ad“The recent confirmed incidents highlight that the threat environment remains heightened and warrants extreme vigilance,” JMIC said in an advisory. It also warned mariners to expect continued naval deployments, congestion along transit routes and increased hailing by the Islamic Revolutionary Guard Corps.Licence revokedOn Tuesday, the White House also revoked a licence it had granted Iran to sell oil as part of efforts to ease tensions.Washington said Iran’s actions in the Strait of Hormuz were unacceptable and warned they would carry consequences. The licence, granted in June, had temporarily eased decades-old sanctions as part of an agreement to reopen the strategic waterway.The Express Global Desk at indianexpress.com which delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis. A major focus area of the desk is US immigration and visa policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely tracks Canada’s immigration, visa, and study policies, covering changes to study permits, post-study work options, permanent residence programmes, and regulatory updates affecting migrants and international students. All reporting from the Global Desk adheres to The Indian Express’ editorial standards, relying on official data, government notifications, court documents, and on-record sources. The desk prioritises clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence. Core Team The Express Global Desk is led by a team of experienced journalists and editors with deep expertise in international affairs and migration policy: Aniruddha Dhar – Senior Assistant Editor with extensive experience in global affairs, international politics, and editorial leadership. Nischai Vats – Deputy Copy Editor specialising in US politics, US visa and immigration policy, and policy-driven international coverage. Mashkoora Khan – Sub-editor focusing on global developments, with a strong emphasis on Canada visa, immigration, and study-related policy coverage. ... Read MoreStay updated with the latest - Click here to follow us on Instagram