Oil Prices Climb After U.S. Strikes Three Iranian Tankers and Iran Vows Revenge
Oil prices edged higher in early Asian trade on Monday following another weekend of escalation in the U.S.-Iran war. At the time of writing, WTI was trading at $92.14 per barrel, up 0.72% on the session, while Brent had risen 0.63% to trade at $96.89. On Saturday, U.S. Central Command (Centcom) reported that it had struck three Iranian oil tankers in response to the IRGC targeting two U.S.…
Oil prices saw an increase on Monday following retaliatory strikes by the U.S. against three Iranian tankers. The week began with the U.S. Central Command reporting the attack on the tankers M/T Downy, M/T Stark 1, and M/T Kylo, in response to an Iranian attack on two U.S. warships. Admiral Brad Cooper stated that the retaliation would inflict a greater economic cost on Iran.
Since the naval blockade resumed on July 14, 92 commercial vessels have been redirected, 3 disabled, and 2 boarded. Iranian officials responded with warnings of more severe and quicker retaliation. Secretary of Energy Chris Wright reported that over 9 million barrels of oil were exported via water routes, with additional four to five million barrels through pipelines.
While Iran claims the Strait of Hormuz is blocked, independent estimates suggest around 5 million barrels still pass through daily. The ongoing conflict continues to impact Iran's economy and the global oil market.
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