Iran Missile Strike Sends Brent Crude Soaring Past $97

A recent missile strike by Iran near the Strait of Hormuz has sent shockwaves through global oil markets, causing Brent crude to surge past $97 per barrel.

The attack on a US naval flotilla in the critical petroleum chokepoint has heightened tensions and raised concerns about potential supply disruptions.

Iran's state media broadcast explicit warnings directed at Washington, declaring a state of economic warfare and threatening to establish a maritime exclusion zone targeting American commercial vessels.

The UAE Minister of State Anwar Gargash condemned the blockade threats, stating that freedom of navigation is not a concession to be granted or renegotiated under pressure.