Oil prices have risen as the U.S. continues to escalate towards Iran, following the latest round of strikes on Kharg Island, an Iranian oil export hub. The price of international benchmark Brent Crude also increased, although the increase was not as dramatic. This increase comes as markets await a deadline for a deal with Iran, which could further escalate the conflict. The conflict has also resulted in the effective closure of the Strait of Hormuz, a key oil shipping channel, and increased gasoline prices.