Brent Crude Surges to $97.58 as US-Iran Tensions Escalate Near Hormuz

Oil prices surged on Monday as tensions between the US and Iran escalated near the Strait of Hormuz, a crucial waterway for global oil shipments.

The Brent crude contract rose to $97.58 per barrel, a 1.4% daily increase, while West Texas Intermediate advanced 1.3% to approximately $92.69 per barrel.

The recent confrontation began on Saturday when the US military attacked three Iranian petroleum tankers, prompting Tehran's swift response.

Iran's senior security advisor warned that any additional US military operations would provoke a more forceful response and announced plans to establish a new maritime exclusion zone near the Strait of Hormuz within days.