US-Iran Tensions Spark Brent Price Surge

Renewed tensions between the US and Iran have driven up Brent crude prices by over 3% to $91.68 per barrel, a significant increase from the previous close of $88.37.

The spike in prices is attributed to rising security risks to shipping through the Strait of Hormuz, a key transit route for global oil supplies, following recent clashes between the two nations.

US President Donald Trump claimed on Monday that the Strait is 'in extremely good shape,' citing US naval assistance in helping an average of 30 ships pass through each night.

However, a reported incident where a tanker was struck by unknown projectiles while exiting the Strait has reinforced concerns about higher security risks and potential disruptions to crude and fuel flows.