Oil Prices Jump Amid US-Iran Tensions and Strait of Hormuz Disruptions
Oil prices surged on Monday as US-Iran strikes raised concerns about supply disruptions in the Middle East. Brent crude rose by $1.20, or 1.25%, to $97.48 per barrel, while US West Texas Intermediate crude gained $1.14, or 1.25%, to $92.62 per barrel.
The latest vessel attacks involved US strikes on three Iranian oil tankers, including one near Kharg Island. Iran's Islamic Revolutionary Guard Corps said it targeted three oil tankers and three additional US vessels.
The Strait of Hormuz remains a key oil transit route, with analysts warning that further restrictions could increase pressure on global crude supplies if tanker traffic declines further. The average number of commodity ships passing through the Strait fell to 10 per day over the previous 10 days, the lowest level since May, according to analytics firm Kpler.