Brent crude futures advance to US$97.26 after new strikes on Iranian tankers
Oil prices climbed nearly 1% following a weekend escalation of military attacks involving Iran and the United States in the Strait of Hormuz region.
Brent crude futures advanced by 1.40 percent, closing at US$97.26 per barrel on Monday morning. West Texas Intermediate (WTI) gained 0.84 percent, trading at US$92.25 per barrel on the New York Mercantile Exchange. These gains followed a sequence of military actions reported over the weekend. American forces struck three Iranian oil tankers. In response, Iran fired ballistic missiles at two U.S. warships; U.S. Central Command stated no ships were hit and no injuries occurred. Separately, Oman moved 16 crew members from the Saudi-owned vessel Sidr after an attack attributed to Iran. The conflict has heightened concerns regarding commercial shipping through the Strait of Hormuz, which historically carries about 20 percent of global oil supply. Analysts noted that sustained interruptions in physical oil flows could rapidly push prices above US$100 per barrel. Despite these disruptions, cargoes from Arab producers continued crossing the region.
