Commodities
Oil Prices Surge Near $92 as US-Iran Tensions Escalate
Crude oil prices surged near $92 per barrel on September 7 as renewed US-Iran strikes heightened concerns over prolonged disruptions to regional energy supplies.
The US targeted three Iranian oil tankers over the weekend in retaliation for ballistic missile attacks on US Navy warships, prompting Iran's security chief Mohsen Rezaei to announce a new restricted zone outside the Strait of Hormuz.
US Energy Secretary Chris Wright said Washington would maintain its naval presence in the Middle East, including the blockade aimed at curbing Iranian oil exports and ensuring safe passage through the Strait of Hormuz.