Oil prices surge to $109/barrel as Strait of Hormuz tension worsens
Global crude oil prices jumped over the weekend amid heightened tensions in the Strait of Hormuz. A market survey by DAILY POST on Sunday showed that Brent and West Texas Intermediate, WTI crude rose to $109.90 and $101.40 per barrel, respectively. This means that Brent and WTI crude prices surged by 3.71 per cent and […] Oil prices surge to $109/barrel as Strait of Hormuz tension worsens
Iran's Islamic Revolutionary Guard Corps (IRGC) navy reported that an oil tanker struck a naval mine and caught fire in the Strait of Hormuz on Sunday. The incident occurred after the vessel violated Iran-imposed regulations by disabling its navigation system while passing through the waterway. According to the IRGC, the tanker exploded and ignited in its engine room, causing significant damage.
The IRGC warned that ships transiting the Strait of Hormuz and the Persian Gulf must maintain their navigation and identification systems, or face severe consequences.
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