US-Iran Tensions Send Oil Prices Soaring Amid Strait of Hormuz Disruptions

Oil prices neared $97 a barrel on Monday as renewed US-Iran attacks on vessels around the Strait of Hormuz raised concerns about potential supply disruptions lasting for months.

The Brent crude futures rose by 0.54% to $96.80 a barrel, while US West Texas Intermediate gained 0.72% to $92.14 a barrel.

The escalation in maritime conflict has led to a significant decrease in oil flows through the strategic waterway, with an average of just 10 commodity vessels crossing the Strait over the past 10 days.

Iran's plan to establish a restricted zone around the Strait of Hormuz has further raised concerns among energy analysts that Middle East oil supplies may take months to recover even if military tensions ease.