Oil Prices Soar as Iran Escalates Attacks in Middle East Gulf
Oil prices surged about 6% on Monday after Iran escalated its attacks on the United Arab Emirates and ships in the Middle East Gulf. The escalation comes just four weeks into a U.S.-Iran ceasefire declared in early April.
The Brent futures rose $6.27, or 5.8%, to settle at $114.44 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.48, or 4.4%, to settle at $106.42.
Iran set a UAE oil port ablaze and hit several ships in the Strait of Hormuz on Monday, as President Donald Trump's attempt to use the U.S. Navy to free up shipping provoked the war's biggest escalation since the ceasefire.
The U.S. military said it destroyed six Iranian small boats and intercepted Iranian cruise missiles and drones fired by Tehran as it sought to thwart a new U.S. naval effort to open shipping through the Strait of Hormuz.