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Middle East Tensions Drive Crude Oil Prices Above $97

Guavy AI Editorial Team
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Oil
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Crude oil prices surged over $1 per barrel on Monday as escalating tensions between the United States and Iran raised concerns about supply disruptions in the Middle East. Brent crude oil, which is priced against Nigerian crude oil, gained $1.20 or 1.25% to reach $97.48 per barrel by 08:27 am.

The increase extended a sharp rally from last week when Brent climbed 7.8% and US West Texas Intermediate (WTI) rose nearly 10%. The renewed hostilities between Washington and Tehran disrupted shipping through the Strait of Hormuz, causing market attention to shift towards physical availability rather than geopolitical risk premium.

The latest escalation includes US forces striking three Iranian oil tankers on Saturday, including a vessel near Kharg Island, Iran's main crude export hub. Iran's Islamic Revolutionary Guard Corps Navy also targeted three oil tankers traveling through the Strait of Hormuz as well as three US vessels operating elsewhere.

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