US-Iran Tensions Send Oil Prices Soaring Through Strait of Hormuz

Oil prices continued their upward trend as tensions between the US and Iran escalated, causing concerns about supply disruptions from the Middle East.

The Brent crude futures rose by $0.52, or 0.54%, to reach $96.80 a barrel, while the US West Texas Intermediate crude climbed to $92.14 a barrel, up $0.66, or 0.72%.

This increase follows last week's surge, where Brent rose by 7.8% and WTI gained nearly 10%, after the US and Iran resumed attacks on vessels in the Strait of Hormuz, leading to reduced oil flows through this critical waterway.