Middle East Tensions Send Oil Prices Soaring Amid Persistent Strife

Oil prices continued to rise as tensions in the Middle East persisted, with Brent crude reaching $91.24 a barrel and West Texas Intermediate at $84.58.

The Strait of Hormuz, a critical waterway for global oil shipments, remains closed due to ongoing hostilities between Iran and its proxies on one side and the US and its allies on the other.

A ship was struck by an 'unknown projectile' in the Strait of Hormuz, resulting in one casualty and damage to an engine room, according to CBS News.

The Iran-backed Houthi rebels claimed responsibility for launching drones at a refinery in Saudi Arabia, part of their blockade of the country's oil in the Red Sea.

US President Donald Trump claimed that the Strait is 'open and operating' despite reduced traffic, stating that all water mines have been removed or detonated and no talks are scheduled with Iran.