Brent Crude Surges Past $107 as Middle East Tensions Escalate

Crude oil prices surged on September 14 as tensions between Washington and Tehran escalated, fueling fears of a global supply shortage.

A ship in the Strait of Hormuz was hit by a projectile, sparking a fire and evacuation of its crew, according to Reuters. The UK Maritime Trade Operations agency reported the incident on Sunday.

Tehran confirmed that an Iranian merchant ship was attacked off its coast, resulting in one death and four injured crew members.

Oil prices jumped 8% last week due to the unrest, breaking through the $100 mark for the first time since July. Brent crude futures surpassed $107 per barrel on September 14, while WTI futures rose by 2.55% to $102.62.