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US-Iran Tensions Drive Oil Prices Higher Amid Strait of Hormuz Disruptions

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday as tensions between the US and Iran escalated in the Strait of Hormuz, a major oil shipping route. Brent crude futures rose 52 cents to $96.80 a barrel, while US West Texas Intermediate crude climbed 66 cents to $92.14 a barrel.

The attacks on vessels by both countries have heightened concerns about a prolonged supply disruption from the Middle East. On Saturday, US forces struck three Iranian oil tankers, including one off the coast of Kharg Island near Iran's key oil export hub.

Iran's Islamic Revolutionary Guard Corps navy targeted three oil tankers in the Strait of Hormuz and three additional US vessels in other areas, according to state media. The attacks have weakened the distinction between military confrontation and commercial shipping, said maritime intelligence firm Marisks.

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