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Oil Prices Surge Amid Escalating Tensions in Strait of Hormuz
(MENAFN) Global oil prices climbed sharply on Monday, with Brent crude rising by more than 5.5% to approach $115 per barrel, driven by heightened geopolitical tensions in the Strait of Hormuz, according to reports.
After briefly nearing the $115 mark, prices stabilized at around $114 by mid-morning trading.
The surge followed reports from Iranian media claiming that missiles struck a US Navy vessel near Jask Island after it allegedly ignored warnings issued by the Islamic Revolutionary Guard Corps.
According to reports, Iran’s navy also stated that it had blocked US warships from entering the Strait of Hormuz, raising concerns about a potential widening of military confrontation in the region.
These developments have intensified fears over disruptions to global energy supplies, as the strait serves as a vital route for transporting crude oil, refined fuels, and liquefied natural gas from Gulf producers to international markets.
Market analysts have pointed to increasing volatility, with traders factoring in higher risk premiums, possible delays in shipping, and tighter availability of seaborne energy supplies.
The escalation comes after earlier warnings from Iranian authorities that any foreign military presence entering the area without coordination could be targeted. Meanwhile, the United States had previously announced a naval initiative aimed at protecting commercial vessels transiting the waterway.
According to reports, the evolving situation continues to influence global energy markets, with uncertainty over security conditions in the region driving price fluctuations.
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