US-Iran Tensions Spark Oil Price Surge to $97 Per Barrel

Oil prices surged on Monday, driven by escalating tensions between the US and Iran over the Strait of Hormuz. According to trading data, Brent crude futures rose approximately 0.8% from Friday's close to reach $97 per barrel, while West Texas Intermediate (WTI) crude advanced 0.6% to $92 per barrel.

The increase in oil prices follows a drone strike by Iran's Islamic Revolutionary Guard Corps on a US military tethered surveillance aerostat near Erbil airport in northern Iraq. The attack marked a significant escalation in direct military confrontations between Tehran and Washington.

Mohsen Rezaei, secretary of Iran's Supreme National Security Council, announced that Tehran would declare a new 'restricted' maritime zone outside the Strait of Hormuz in the coming days, warning that any vessel entering the area would face sanctions.