Brent Crude Price Jumps as US Navy Targets Iran-Linked Tankers

The Brent crude oil price has increased by $1.44 per barrel to trade at $96.56 per barrel after a significant escalation in tensions in the Middle East.

The US Navy targeted three Iran-linked crude oil tankers over the weekend, according to the US Central Command (CENTCOM) on social media platform X.

This action came after Iranian forces launched ballistic missiles toward two US warships patrolling regional waters, CENTCOM said.

Tehran has threatened a new 'restricted zone' outside the Strait of Hormuz, which could put additional vessels in the Gulf of Oman at risk, according to analysts from ING Bank.