Hormuz Tensions Send Oil Prices Soaring

Oil prices have surged this week due to ongoing tensions between the US and Iran in the Strait of Hormuz, one of the world's most important oil transit routes. The renewed hostilities have increased uncertainty over the security of energy shipments through the strait.

The price of Brent crude futures for November delivery has risen 7.6% from last Friday's close of $88.10 per barrel to $94.77 at 3:29 p.m. local time (1229 GMT) on Friday. US benchmark West Texas Intermediate (WTI) crude futures for October delivery have also increased by 8.3% from $87.06 a week earlier, trading at $90.34 per barrel.

The tensions escalated over the weekend after US forces struck targets on Iran's Larak Island near the Strait of Hormuz. Iran retaliated with missile and drone attacks against sites used by US forces across the region.