Oil Prices Soar Amid US-Iran Tensions and Threats to Strait Shipping

Oil prices surged to a six-week high on September 8 amid escalating tensions between the United States and Iran, fueling concerns over possible disruptions to oil shipments through the Strait of Hormuz.

Brent futures rose by 1.4% to $98.5 per barrel, while US WTI crude futures also gained 1.4% to $94 per barrel, according to Anadolu Agency.

The tensions were heightened after Yemen's Houthi movement attacked cities and economic infrastructure facilities in southern Saudi Arabia on September 8, resulting in deaths, according to the Saudi-led military coalition.

Mohsen Rezaei, secretary of Iran's Supreme National Security Council, warned that any vessel entering a new 'limited' maritime zone outside the Strait of Hormuz would be placed on a sanctions list, which is expected to be announced in the coming days.