Commodities
US-Iran Tensions Send Oil Prices Soaring Amid Strait of Hormuz Attacks
Oil prices surged on Monday, nearing six-week highs as tensions between the US and Iran continued to escalate.
The price of Brent crude futures rose by $1.19, or 1.2%, to $97.47 a barrel, while US West Texas Intermediate crude hovered near a recent six-week high at $92.26 a barrel.
The gains follow a week of heightened tensions between the two nations, with both sides engaging in tit-for-tat strikes on vessels sailing through the Strait of Hormuz and other areas.
A Saudi-owned tanker was attacked by Iran last week, resulting in the deaths of two seafarers. Oman evacuated 16 crew members on Monday after a warning from its government.