US-Iran Tensions Send Oil Prices Soaring Amid Strait of Hormuz Supply Concerns
Oil prices rose on Monday as tensions between the US and Iran continued to escalate, raising concerns about disruptions to crude supplies through the Strait of Hormuz.
Brent crude futures for November delivery increased by 0.74% to $97 a barrel, while US West Texas Intermediate (WTI) crude futures gained 0.51% to $91.92 a barrel as of 12:50 p.m. IST on Monday.
The price increases follow last week's sharp gains, with Brent rising by 8.5% and WTI increasing nearly 9.6%, amid declining shipping activity through the Strait of Hormuz due to escalating tensions.
Tensions between the US and Iran have been heightened after the US military struck three Iranian oil tankers on Saturday in response to Iranian forces targeting US Navy vessels with ballistic missiles.