WTI Oil Surges Amid Ongoing Middle East Tensions

WTI oil prices have increased to their highest level since July 24, reaching $91.15 per barrel on Monday, following a series of attacks by the United States and Iran in the Middle East.

The US Central Command reported that it struck three Iranian vessels over the weekend, including one near Kharg Island and another near Jask, in response to earlier Iranian missile attacks on US Navy warships.

Iran has also announced its intention to declare a restricted zone near the Strait of Hormuz and establish a new shipping route with Oman in the coming days.

The disruption to oil supply is further exacerbated by reports that Saudi Aramco's Jazan Oil refinery was hit by a strike on Monday, although the extent of the damage is still being assessed.