Oil Prices Plummet as US-Iran Tensions Escalate Again

Crude oil prices experienced a sharp decline on Monday, September 7, after surging towards $97 a barrel in early trade due to heightened US-Iran tensions in West Asia.

Brent crude prices initially hit a high of $96.9 a barrel, representing a 1% gain, while the West Texas Intermediate reached near $92 a barrel.

The downturn came after the United States launched strikes against three Iranian tankers over the weekend, destroying one in retaliation to Iran's ballistic missiles attack on US naval warships.

Iran has also declared a new restricted zone outside the Strait of Hormuz, which is set to be officially announced in coming days. The restricted zone will begin from the US navy blockade line and extend into areas of the Persian Gulf.