Tensions between US and Iran Send Oil Prices Soaring
Oil prices surged on Monday as tensions between the US and Iran intensified, raising concerns about disruptions to Middle East energy supplies. Brent crude futures rose 0.54% to $96.80 a barrel, while WTI crude climbed 0.72% to reach $92.14 a barrel.
The latest gains follow a sharp rally last week, with Brent crude jumping 7.8% and WTI advancing almost 10%. The conflict has affected oil shipments through the Strait of Hormuz, a vital waterway that accounts for around one-fifth of the world's oil supply.
Iran's Islamic Revolutionary Guard Corps Navy claimed to have targeted three oil tankers traveling through unauthorized routes in the Strait. The US Central Command also reported that US forces struck three Iranian oil tankers on Saturday, including one near Kharg Island, a major Iranian oil export hub.
The attacks have increased concerns among shipping companies and energy traders that commercial vessels could become caught up in the conflict. Maritime intelligence firm Marisks described the latest incidents as a major escalation in the maritime confrontation.