US-Iran Tensions Send Oil Prices Higher Amid Inflation Concerns

Oil prices rose on renewed tensions between the US and Iran after the two countries traded attacks over the weekend. The Islamic Revolutionary Guard Corps Navy targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as several US-linked vessels.

The IRGC said it also attacked a US naval drone and an American unmanned surface vessel attempting to enter the strait.

Mohsen Rezaee, Iran's top security official, stated that a new restricted zone would be declared outside the strait in the coming days. The move is likely to add to inflation concerns and may disrupt crude supplies.

The S&P 500 equity-index futures were little changed in early Asian trading after the underlying gauge fell 0.4% on Friday.