Breaking News: Oil Prices Surge Amid U.S.-Iran Tensions
Oil prices have increased sharply following recent attacks on commercial vessels in the Strait of Hormuz. Brent crude futures rose over 7 percent in Asia on Monday, reaching $94.69 a barrel, up from $90.40 on Friday.
The rise in prices comes as U.S. President Donald Trump announced the seizure of an Iranian-flagged cargo vessel that tried to bypass a U.S. blockade. This follows reports from the UK Maritime Trade Operations Centre, stating that two vessels were attacked in the strait, with Iranian gunboats firing on a tanker.
Tensions escalated further when Iran declared the strait “completely open” on Friday but reversed its statement the next day, citing the ongoing U.S. blockade.
On Sunday, Trump mentioned that a U.S. delegation would travel to Pakistan for ceasefire talks with Iranian officials. However, Iranian state media reported that Tehran would not attend, citing U.S. demands as excessive.
A two-week ceasefire is set to expire on Wednesday unless an extension is agreed upon. Meanwhile, oil supplies remain affected, with only 19 vessels transiting the strait on Saturday, significantly lower than the historical average.
