The U.S. and Iran traded new attacks around the Strait of Hormuz, as President Donald Trump insists oil prices will drop fast once the Iran war ends.

September 9 (Reuters) - Oil prices jumped for the fourth straight session, gaining more than $1 in early trade on Wednesday after Iran launched fresh attacks on U.S. military assets in the Gulf as the war between Washington and Tehran continued to spill out across the region.

Renewed attacks between the adversaries in the Iran war pushed oil prices up on Monday.

Iran-backed Houthi rebels in Yemen launched attacks on four Saudi oil facilities that supply trade routes outside the Strait of Hormuz on Tuesday. Officials say the attacks injured more than 70 people and ignited fires at multiple facilities.

Brazilian oil production and exports have hit record highs this year, largely due to increased demand from China as the US-Iran war continues to reshape global trade and geopolitical relationships.

The latest U.S. action under "Operation Economic Outcast" targets all Iranian airlines that were not already facing sanctions.

Houthi missiles and drones struck Aramco facilities across Saudi Arabia, threatening to squeeze both the Strait of Hormuz and Bab el-Mandeb.

President Trump on Monday said oil prices “will drop precipitously” after the Iran war is won, as Iran seeks to maintain its control of the Strait of Hormuz with a “restricted zone.” “Oil prices will

An Iran-Oman shipping agreement for the Strait of Hormuz is in its final stages, according to Bloomberg. The deal could help more tankers cross the waterway, but may also trigger a fresh dispute with Washington over control of the route.