Oil Prices Surge Amid Escalating Tensions in Strait of Hormuz

Oil prices have extended their gains following a series of tit-for-tat strikes between the US and Iran on vessels in the Strait of Hormuz. The incidents have heightened concerns about a prolonged supply disruption from the Middle East.

The Brent crude futures climbed by $0.52, or 0.54%, to reach $96.80 per barrel at 2354 GMT. Meanwhile, the US West Texas Intermediate crude price rose by $0.66, or 0.72%, to $92.14 per barrel.

The escalating tensions in the region have led to increased concerns about oil supply disruptions, which could impact global markets and fuel inflation worries. The Strait of Hormuz is a critical shipping lane, with approximately one-fifth of the world's crude oil passing through it.