Commodities
Iran Threatens Military Action in Strait of Hormuz, Crude Prices Soar
The price of Brent crude oil rose above $90 per barrel on Monday as tensions in the Strait of Hormuz escalated.
Iran threatened to launch a military offensive in the waterway if diplomatic efforts with the US fail, according to Reuters.
A senior Iranian official told Reuters that Tehran had shifted its policy from defensive to 'fully offensive' due to a deadlock in peace talks.
The official stated that Iran is prepared to take military action in the Strait of Hormuz and wider region if diplomacy fails, adding that any attack would be 'timely and precise'.