Commodities
US-Iran Tensions Escalate Amid Strait of Hormuz Standoff
The US Central Command confirmed that Iran's Islamic Revolutionary Guard Corps (IRGC) attempted to target a US warship twice in two days, but the vessel successfully evaded the attacks.
No American personnel were harmed during the attempts. The IRGC's actions prompted Brent crude oil prices to rise above $100 per barrel, with Goldman Sachs projecting the price could reach as high as $120 per barrel.
The US Energy Information Administration warned that traffic through the Strait of Hormuz is expected to remain constrained until 2026, resulting in an average of 5.7 million barrels of oil per day being shut in.