Iran Threatens Military Action in Strait of Hormuz as Oil Prices Surge

Brent crude oil prices surged above $90 per barrel on Monday as tensions around the Strait of Hormuz escalated.

Iran warned that it would launch a military offensive in the waterway if diplomatic efforts to end its war with the United States failed, according to Reuters.

The Iranian official stated that Tehran had shifted its policy from defensive to 'fully offensive' and was prepared to take military action in the Strait of Hormuz if diplomacy failed.

This move has heightened concerns over the security of shipping through Hormuz and contributed to the increase in oil prices, with Brent crude rising $2.01 or 2.27% to $90.53 per barrel.