Shafaqna English– Crude oil prices experienced a sharp uptick of over one dollar per barrel at the start of the trading week, triggered by a U.S. military strike against an Iranian strategic outpost on Larak Island, situated within the crucial Strait of Hormuz. The operation promptly provoked a counter-response from Tehran, underscoring how the already volatile geopolitical landscape in the Middle East has now entered its sixth consecutive month of escalating confrontation.
By 00:40 GMT, the global benchmark, Brent crude, had risen by $1.08—representing a gain of 1.23%—to settle at $89.18 per barrel. Meanwhile, the U.S. gauge, West Texas Intermediate (WTI), recorded a 92-cent increase, equivalent to a 1.10% advance, bringing its price to $84.32. These gains reflect the market’s immediate pricing of heightened geopolitical risk premiums in the wake of the military exchange.
Source: Reuters