Oil extends sharp weekly gains after U.S.-Iran tanker attacks in Hormuz

Oil prices experienced a significant surge on Monday, building on a strong weekly performance, due to heightened tensions between the U.S. and Iran following attacks on vessels in and around the Strait of Hormuz. Brent Oil Futures for November contracts increased by 0.5% to $96.77 per barrel, while West Texas Intermediate (WTI) crude futures rose 0.5% to $91.94 per barrel.

The escalation in tensions has resulted in reduced shipping through Hormuz, with the U.S. military reporting the strike of three Iranian oil tankers on Saturday in response to Iranian forces targeting U.S. Navy vessels with ballistic missiles. Iran has also threatened to declare a new restricted maritime zone outside the Strait of Hormuz, potentially leading to further disruptions in commercial shipping and energy flows through the crucial waterway.

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