US-Iran Tensions Send Oil Prices Soaring Above $97
Oil prices continued their upward trend on Monday as tensions between the United States and Iran intensified, prompting concerns over supply disruptions from the Middle East.
The Brent crude futures price rose by 0.88% to $97.16 per barrel, while West Texas Intermediate (WTI) crude futures increased by 0.97% to $92.37 per barrel, according to data from Mettis Global.
The escalation of military action between the two nations has led to a sharp reduction in oil traffic through the Strait of Hormuz, a critical shipping route that previously handled around one-fifth of global oil supplies, CNBC reported.
The conflict escalated further over the weekend after U.S. forces struck three Iranian oil tankers on Saturday, according to U.S. Central Command.
Iran's Islamic Revolutionary Guard Corps Navy separately targeted three oil tankers using unauthorized routes through the Strait of Hormuz, along with three additional U.S. vessels in other locations, Marisks described as a major escalation in the maritime conflict.