US Military Strikes Iranian Oil Tanker, Sending Oil Prices Soaring

The US military has struck an Iranian oil tanker, escalating tensions in the Middle East and sending international oil prices soaring.

Brent crude oil rose by up to 0.8% as it approached the $97 per barrel mark, while WTI crude traded near $92 per barrel.

The US stated that it carried out a strike on three Iranian oil tankers over the weekend in retaliation for Iran's ballistic missile attack on a US Navy warship.

Iran's top security official has announced plans to establish a new no-sail zone outside the Strait of Hormuz, which could further disrupt energy transport routes and drive up prices.