Iran Tensions Push Crude Oil Prices Below $81.50

Crude oil prices slipped below $81.50 on Monday as tensions between Iran and the US continued to escalate, leaving global energy markets on edge.

The Strait of Hormuz remains largely closed, with only two vessels crossing it on Friday, compared to the usual 130 daily, according to Kpler. This has created significant uncertainty for the oil market.

Iran's call for the US to accept defeat over the weekend and officials' indication that the Strait will remain under Tehran's control have raised concerns about further disruption to shipping and supplies.

The conflict is also spreading beyond the immediate US-Iran confrontation, with Iran-backed Houthi forces in Yemen reportedly firing ballistic missiles towards the Red Sea port of Mocha, killing four civilians.