Oil Prices Hold Firm Above $100 as Iran Tightens Strait of Hormuz Grip
Oil prices remained above $100 per barrel on Thursday as tensions between Iran and the United States continued to escalate. Brent crude futures traded around $101.34 a barrel in early Asian trade, while US West Texas Intermediate crude stood at about $96.55.
The price of oil has been volatile since the conflict began, with global energy markets bracing for disruptions to supply. Iran's Revolutionary Guards reported attacks on several vessels near the Strait of Hormuz, which normally carries roughly one-fifth of global oil and gas supplies.
Iran also expanded a maritime 'prohibited zone' beyond the Strait of Hormuz into parts of the Gulf of Oman and the Arabian Sea. The exact coordinates of the zone were not announced. US President Donald Trump said that once the United States wins the war with Iran, oil prices will fall, as Washington controls the Strait of Hormuz.
The conflict has intensified diplomatic pressure on Tehran. The International Atomic Energy Agency's Board of Governors voted to refer Iran to the UN Security Council over what it described as Iranian nuclear 'non-compliance.'