US-Iran Tensions Spark Fresh Surge in Oil Prices

Oil prices continued to climb on Monday as tensions between the US and Iran escalated. The Strait of Hormuz, a critical waterway for global oil shipments, has seen a surge in military activity. On Saturday, the US struck three Iranian oil tankers, including one off the coast of Kharg Island near Iran's key oil export hub.

The Iranian Revolutionary Guard Corps responded by targeting several vessels, including commercial tankers and US ships. This marked a significant escalation in the maritime conflict, according to maritime intelligence firm Marisks.

The attacks have resulted in reduced oil flows through the Hormuz Strait, with an average of just 10 commodity ships transiting the area per day over the past 10 days, according to data from analytics firm Kpler. This is down from previous levels.