US-Iran Tensions Fuel Oil Price Surge

Oil prices surged on Monday as tensions between the US and Iran escalated. The price of Brent oil exceeded $97 per barrel, up 0.8% from Friday's close.

The West Texas Intermediate (WTI) oil price also rose 0.6% to $92 per barrel.

The increase in oil prices comes after the US accused Iran of targeting and destroying a US military tethered surveillance aerostat in a drone strike near Erbil airport in northern Iraq.

Mohsen Rezaei, secretary of Iran's Supreme National Security Council, stated that Iran will declare a new 'restricted' maritime zone outside the Strait of Hormuz in the coming days. He warned that any vessel entering the area would be placed on a sanctions list.