Oil Prices Climb as Middle East Tensions Stoke Supply Fears
Brent crude, the international oil benchmark, climbed to $93.89 per barrel by 10:10 a.m. local time (0710 GMT), marking an increase of nearly 2.9% from its previous settlement of $91.12.
Meanwhile, US benchmark West Texas Intermediate (WTI) rose approximately 3.4%, reaching $90.19 per barrel after closing the previous session at $87.3.
The upward movement in prices followed a weekend exchange of attacks between Washington and Tehran, raising worries among market participants that the confrontation could expand into major oil-producing areas and critical maritime corridors.
According to reports, the US military carried out "self-defense strikes" over the weekend targeting Iranian radar installations as well as drone command-and-control facilities located in Goruk and on Qeshm Island.
"The measured and deliberate strikes occurred on Saturday and Sunday in response to aggressive Iranian actions that included the shootdown of a U.S. MQ-1 drone that was operating over international waters," a statement said.
As stated by reports, US fighter jets reacted "swiftly" after the incident, striking Iranian air defense assets, a ground control center, and two one-way attack drones that were considered "clear threats" to vessels navigating regional waters.
According to reports, military officials emphasized that efforts to safeguard American personnel, equipment, and interests across the region would continue "in response to unwarranted Iranian aggression during the ongoing ceasefire."
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