Noida, Sep 7 (APAC Media): Oil prices climbed on Monday, extending last week’s sharp gains, as attacks by the United States and Iran on vessels in and around the Strait of Hormuz raised concerns over prolonged disruptions to crude supplies through the key shipping route.
Brent crude futures for November delivery rose 0.74% to $97 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 0.51% to $91.92 a barrel as of 12:50 p.m. IST on Monday.
Brent prices surged 8.5% last week, while WTI rose nearly 9.6%, as shipping activity through the Strait of Hormuz declined amid escalating tensions.
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The U.S. military said it struck three Iranian oil tankers on Saturday after Iranian forces targeted U.S. Navy vessels with ballistic missiles.
Iran later said it had attacked a U.S. naval drone and warned that any further U.S. strikes would draw a stronger response.
Democratic U.S. Senator Chris Murphy criticised President Donald Trump on Monday, calling him “dangerously delusional” after Trump dismissed the war with Iran as “small potatoes” and “not a big thing”.
“18 Americans are dead. Billions in damage to our bases. Missile supplies are catastrophically low. Farm bankruptcies at record highs. Families struggling to pay $5 gas prices. Iran is stronger than ever,” Murphy said in a post on X.
“But ‘small potatoes’,” Murphy added. “Our president is dangerously delusional.”
Tehran’s top security official also said Iran would establish a new restricted maritime zone outside the Strait of Hormuz in the coming days. Vessels entering the area could face sanctions, state broadcaster Press TV reported.
The developments have heightened concerns that commercial shipping and energy supplies through the Strait of Hormuz could face further disruption. The waterway normally handles around one-fifth of global oil consumption.
“The oil market remains well-supported with little sign of a peace between the US and Iran,” analysts said.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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