Brent Crude Surges as US-Iran Tensions Escalate

Brent crude oil prices have surged to over $88 per barrel in recent days, marking a significant monthly advance of more than 20%. The price hike can be attributed to renewed tensions between the US and Iran, as well as reports of tankers being forced to alter their course through the Strait of Hormuz.

According to Kpler ship-tracking data, two Very Large Crude Carriers (VLCCs) loaded in the Gulf successfully exited the Strait on Friday. However, this development was overshadowed by Iran's Revolutionary Guards stopping two tankers from passing through the waterway, and four others changing course.

The escalating conflict between Washington and Tehran has led to increased concerns over global oil supply. Additionally, declining US crude inventories and a Ukrainian strike on Russia's Volgograd oil refinery have further contributed to these worries.