Iran's Hormuz Strikes Send Oil Prices Soaring 6% Amid Escalating Tensions
Oil prices surged by about 6% on Monday as Iran intensified its attacks on the United Arab Emirates and ships in the Middle East Gulf, escalating tensions since a US-Iran ceasefire took effect in early April.
Brent futures rose $6.27, or 5.8%, to settle at $114.44 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.48, or 4.4%, to settle at $106.42.
The UAE accused Iran of attacking an empty crude oil tanker belonging to Abu Dhabi state oil firm ADNOC with drones as it attempted to transit the Strait of Hormuz, a major shipping route that carries about 20% of global oil and liquefied natural gas supplies.
Iran's Revolutionary Guards Navy issued a map showing its expanded control over areas near the Strait, including UAE ports of Fujairah and Khorfakkan as well as the coast of Umm Al Quwain emirate.