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Commodities

Oil Prices Soar as US and Iranian Forces Target Vessels in Hormuz

Guavy AI Editorial Team
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Oil
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Oil prices have surged due to escalating tensions in the Middle East after US and Iranian forces targeted vessels in the Strait of Hormuz.

The latest incident occurred on Saturday when US forces struck three Iranian oil tankers, with one vessel hit off the coast of Kharg Island near Iran's key oil export hub.

As a result, Brent crude futures rose 52 cents to $96.80 a barrel while US West Texas Intermediate crude gained 66 cents to $92.14 a barrel.

Analysts warn that every additional month of disruption could add around $7 to $8 a barrel to Brent prices, with Goldman Sachs predicting Brent could climb to $120 a barrel if shipping disruptions continue.

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