Iran, US trade tanker attacks as Tehran will declare 'prohibited zone'
Iranian government said that it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of US-linked ships, in retaliation for US attacks on Iranian tankers over the weekend, Bloomberg reported on Sunday.
Iranian officials announced plans to establish a new restricted zone near the Strait of Hormuz, aimed at deterring oil tankers from using unauthorized routes. This move comes in response to recent US attacks on Iranian tankers. The restricted zone would begin from the US Navy's blockade line and extend into parts of the Persian Gulf.
Any vessel entering this zone would be added to Iran's sanctions list, according to Mohsen Rezaei, Iran's top security official. Iran is also set to sign an agreement with Oman regarding a new corridor through Hormuz, with entry and exit points under Iranian control. The widely-tracked West Texas Intermediate (WTI) oil is a high-quality crude oil primarily sourced in the United States and distributed via the Cushing hub.
The price of WTI oil is influenced by factors such as global growth, political instability, OPEC decisions, and the value of the US Dollar. WTI's value is crucial as it serves as a benchmark for the Oil market, and its price is frequently quoted in the media.
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