Oil Prices Soar Amid Escalating US-Iran Tensions
Oil prices continued their upward trend on Monday as tensions between the US and Iran escalated. The Strait of Hormuz, a critical shipping lane, has seen increased military action, with both sides striking vessels in recent days.
The Brent crude futures price climbed 79 cents to $97.07 per barrel, while WTI rose by 80 cents to $92.28 per barrel. Last week, Brent saw a 7.8% gain, and WTI nearly reached a 10% increase after the US and Iran resumed attacks in the region.
The US Central Command reported that three Iranian oil tankers were struck on Saturday, including one near Kharg Island, close to Iran's main oil export hub. In response, the Islamic Revolutionary Guard Corps' navy claimed to have targeted three commercial vessels traveling through unauthorized routes in the Strait of Hormuz and three additional US ships in other areas.
Maritime intelligence firm Marisks described the attacks as a 'major escalation in the maritime conflict.' Commercial tankers are now being used as instruments of reciprocal economic pressure, significantly weakening the distinction between military confrontation and commercial shipping.