Oil Prices Soar as Iran-Iran Tensions Escalate

WTI and Brent crude oil prices surged higher at the start of the week as escalating tensions between the US and Iran revived fears of disruption to oil shipments through the Strait of Hormuz.

The move follows a sharp recovery from WTI's recent low near $79.65, driven by rising tensions with Iran, stronger US sanctions pressure, declining global inventories, and concerns over refined-product supplies.

Iran has reportedly launched missiles from several provinces, including anti-ship cruise missiles directed toward the strategic waterway, and warned that it could declare a restricted zone outside the Strait of Hormuz within days, placing ships entering the area on a sanctions list.