Iran Tensions Fail to Boost Oil Prices Amid Jizan Strikes

Ongoing tensions between Iran and the US have not significantly impacted oil prices despite recent strikes on Saudi Aramco facilities in Jizan. Brent crude rose 1.5% to $97.73 per barrel, while West Texas Intermediate climbed 1.8% to $93.10.

The weekend saw the destruction of three Iranian oil tankers by the US military and a warning from Iran that South Korea would face 'serious consequences' if it sends forces to the Strait of Hormuz.

Anwar Gargash, diplomatic advisor to the UAE president, stated that 'no single state' should control the Hormuz, as the UAE builds alternative routes for its energy exports and trade. Kpler reported a 10-day average of 10 commodity ships passing through the strait, the lowest since May.