Oil Prices Surge on Iran's Attack on Oil Tankers
Oil prices surged on August 1st after Iran's attack on two oil tankers in the Strait of Hormuz, forcing them to change course. This incident has raised concerns about disruptions to global energy supplies.
The WTI oil price rose by 3.21 USD/barrel, equivalent to a 3.84% increase, to reach 86.80 USD/barrel. Meanwhile, Brent oil prices increased by 1.053 USD/barrel, or 1.21%, to 87.93 USD/barrel.
The attack on the oil tankers is the latest development in the ongoing tensions between Iran and the US, which have led to a strengthening of control over maritime activities in the Strait of Hormuz since February's conflict.
Saudi Arabia has established a maritime defense alliance with 14 countries, including Bahrain, Bangladesh, and Pakistan, to ensure security in the Bab el-Mandeb Strait area. This move comes after the Houthi forces announced their intention to impose maritime sanctions against Saudi Arabia.