Iran Tensions Spark Oil Price Spike Amid Strait of Hormuz Attacks
A tanker was attacked in the Strait of Hormuz off the coast of Oman, causing a significant jump in oil prices. Brent crude oil rose to $91.642 per barrel, up 1.24% from the previous close, while US benchmark WTI stood at $87.002 per barrel, up 1.39%. The attack on the tanker is just the latest escalation in tensions between the United States and Iran.
The UK Maritime Trade Operations agency (UKMTO) reported that three unidentified projectiles struck the tanker, but there were no casualties. This incident follows a strike on Iran's Larak Island earlier this week, which also contributed to the rise in oil prices.
Iranian President Masoud Pezeshkian said Tehran is ready to return to commitments made under the June agreement if Washington takes the same step. However, neither side has signaled a return to full-scale war.