Brent Oil Price Breaks $97 Amid Escalating US-Iran Tensions

Global oil prices have surged in recent days due to escalating tensions between the United States and Iran. The Brent oil price broke through $97 per barrel, a rise of around 0.8% compared to Friday's closing. West Texas Intermediate (WTI) also strengthened by about 0.6% to $92 per barrel.

The increase in oil prices comes amid renewed hostilities between the US and Iran. The Iranian Islamic Revolutionary Guard Corps claimed to have attacked a US military surveillance balloon near Erbil Airport in northern Iraq using a drone. Tehran has also announced plans to establish a new 'limited' maritime zone outside the Strait of Hormuz, which will include ships that enter the area on its sanctions list.

The US and Iran had previously signed an agreement in June to end hostilities and reopen the Strait of Hormuz. However, both countries have accused each other of failing to carry out their commitments, leading to continued military tensions and disputes over shipping through the strait.