Oil Prices Surge Amid Escalating US-Iran Conflict
Oil prices continued to rise on Monday as tensions between the US and Iran escalated. The conflict has led to a significant reduction in oil flows through the Strait of Hormuz, with an average of only 10 commodity ships transiting the area per day over the past 10 days. This is the lowest level since May.
The Brent crude futures price climbed 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT, while US West Texas Intermediate (WTI) crude was at $92.14 a barrel, up 66 cents, or 0.72%. The prices have risen 7.8% and nearly 10% respectively over the past week.
The conflict between the two nations has been ongoing, with both sides engaging in tit-for-tat strikes on vessels sailing through the Strait of Hormuz. On Saturday, US forces struck three Iranian oil tankers, while Iran's Islamic Revolutionary Guard Corps targeted three oil tankers and three additional US vessels.