403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Oil Prices Rise as US-Iran Tensions Escalate
(MENAFN) Oil prices climb at the start of the trading week as renewed tensions between the United States and Iran raise concerns over potential disruptions to regional energy supplies.
Brent crude rises above $97 a barrel by 0700GMT Monday, gaining about 0.8% compared with Friday’s closing price.
West Texas Intermediate (WTI) also moves higher, increasing 0.6% to reach $92 a barrel.
Tensions intensify after Iran’s Islamic Revolutionary Guard Corps says early Monday that it has destroyed a US military tethered surveillance aerostat in a drone attack near Erbil airport in northern Iraq.
Iranian official Mohsen Rezaei also announces that Tehran plans to establish a new “restricted” maritime zone outside the Strait of Hormuz in the coming days. He warns that vessels entering the designated area could be added to a sanctions list.
Separately, Yemeni Coast Guard forces intercept an oil tanker Sunday after it unloads an “unauthorized” cargo at the Houthi-controlled Ras Isa port in Al-Hudaydah governorate, according to reports.
The latest developments come despite a memorandum of understanding signed by the US and Iran in June with mediation from Pakistan and Qatar. The agreement outlines measures aimed at reducing hostilities, restoring navigation through the Strait of Hormuz and addressing economic restrictions.
Since then, Washington and Tehran have accused one another of failing to fulfill their commitments under the agreement, while military tensions persist alongside disagreements over sanctions and maritime access through the strategic waterway.
Brent crude rises above $97 a barrel by 0700GMT Monday, gaining about 0.8% compared with Friday’s closing price.
West Texas Intermediate (WTI) also moves higher, increasing 0.6% to reach $92 a barrel.
Tensions intensify after Iran’s Islamic Revolutionary Guard Corps says early Monday that it has destroyed a US military tethered surveillance aerostat in a drone attack near Erbil airport in northern Iraq.
Iranian official Mohsen Rezaei also announces that Tehran plans to establish a new “restricted” maritime zone outside the Strait of Hormuz in the coming days. He warns that vessels entering the designated area could be added to a sanctions list.
Separately, Yemeni Coast Guard forces intercept an oil tanker Sunday after it unloads an “unauthorized” cargo at the Houthi-controlled Ras Isa port in Al-Hudaydah governorate, according to reports.
The latest developments come despite a memorandum of understanding signed by the US and Iran in June with mediation from Pakistan and Qatar. The agreement outlines measures aimed at reducing hostilities, restoring navigation through the Strait of Hormuz and addressing economic restrictions.
Since then, Washington and Tehran have accused one another of failing to fulfill their commitments under the agreement, while military tensions persist alongside disagreements over sanctions and maritime access through the strategic waterway.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment