Commodities
US-Iran Tensions Spark Oil Price Surge
Oil prices surged on Monday, nearing six-week highs as tensions between the US and Iran escalated. The Brent crude futures rose by 89 cents to $97.17 a barrel, while US West Texas Intermediate (WTI) crude hovered near a recent six-week high at $92.27 a barrel.
The gains came after the US struck three Iranian oil tankers on Saturday, including one off the coast of Kharg Island, an oil export hub. Iran's Islamic Revolutionary Guard Corps retaliated by targeting three oil tankers and three US-linked vessels in other areas.
Maritime intelligence firm Marisks described the attacks as a 'major escalation', stating that commercial tankers are now being used as instruments of reciprocal economic pressure.