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Iran-US Tensions Spark Oil Price Surge Amid Strait of Hormuz Concerns

Guavy AI Editorial Team
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Oil
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Global oil prices have surged amid renewed tensions between Iran and the United States over control of the Strait of Hormuz.

The conflict has raised concerns about disruptions to oil supplies, leading to a significant increase in Brent crude and US West Texas Intermediate (WTI) crude prices.

Brent crude rose by $1.05, or 1.2 percent, to $91.54 per barrel, while WTI crude rose by $1.27, or 1.5 percent, to $87.03 per barrel.

This comes after US President Donald Trump threatened Iran with further attacks on Monday, following the first direct exchange of attacks between Iran and the United States in a month.

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