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Oil Prices Surge as US-Iran Tensions Threaten Hormuz Supplies
(MENAFN) Oil prices extended their gains on Tuesday as renewed tensions between the United States and Iran heightened concerns about potential disruptions to crude shipments through the Strait of Hormuz.
Brent crude futures rose 1.4% to $98.5 a barrel by 0630 GMT, reaching their highest level in six weeks. West Texas Intermediate crude also advanced 1.4%, trading at around $94 per barrel.
Market concerns intensified after Yemen’s Houthi group reportedly attacked cities and economic facilities in southern Saudi Arabia on Tuesday, with the Saudi-led coalition saying the attacks caused fatalities.
The Saudi Energy Ministry also reported fires at energy facilities in the south following attacks on the sites, adding to concerns about potential risks to regional energy infrastructure.
A day earlier, Iran’s Islamic Revolutionary Guard Corps said it had destroyed a US military surveillance aerostat in a drone attack near Erbil airport in northern Iraq.
Iranian official Mohsen Rezaei also said Tehran plans to announce a new “restricted” maritime zone outside the Strait of Hormuz in the coming days. He warned that vessels entering the designated area could be added to a sanctions list.
Meanwhile, Yemeni Coast Guard forces reportedly intercepted an oil tanker on Sunday after it delivered what authorities described as an “unauthorized” cargo at the Houthi-controlled Ras Isa port in Al-Hudaydah province.
The latest developments come despite a memorandum of understanding signed by the US and Iran in June, with Pakistan and Qatar acting as mediators. The agreement outlined measures intended to end hostilities, restore navigation through the Strait of Hormuz and address economic restrictions.
Since then, Washington and Tehran have accused one another of failing to fulfill their respective obligations under the agreement, while military tensions have remained high alongside disagreements over sanctions and maritime access through the strategic waterway.
Brent crude futures rose 1.4% to $98.5 a barrel by 0630 GMT, reaching their highest level in six weeks. West Texas Intermediate crude also advanced 1.4%, trading at around $94 per barrel.
Market concerns intensified after Yemen’s Houthi group reportedly attacked cities and economic facilities in southern Saudi Arabia on Tuesday, with the Saudi-led coalition saying the attacks caused fatalities.
The Saudi Energy Ministry also reported fires at energy facilities in the south following attacks on the sites, adding to concerns about potential risks to regional energy infrastructure.
A day earlier, Iran’s Islamic Revolutionary Guard Corps said it had destroyed a US military surveillance aerostat in a drone attack near Erbil airport in northern Iraq.
Iranian official Mohsen Rezaei also said Tehran plans to announce a new “restricted” maritime zone outside the Strait of Hormuz in the coming days. He warned that vessels entering the designated area could be added to a sanctions list.
Meanwhile, Yemeni Coast Guard forces reportedly intercepted an oil tanker on Sunday after it delivered what authorities described as an “unauthorized” cargo at the Houthi-controlled Ras Isa port in Al-Hudaydah province.
The latest developments come despite a memorandum of understanding signed by the US and Iran in June, with Pakistan and Qatar acting as mediators. The agreement outlined measures intended to end hostilities, restore navigation through the Strait of Hormuz and address economic restrictions.
Since then, Washington and Tehran have accused one another of failing to fulfill their respective obligations under the agreement, while military tensions have remained high alongside disagreements over sanctions and maritime access through the strategic waterway.
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