Crude oil prices rose in international markets once again amid fears of global energy supply disruptions following renewed tit-for-tat attacks between the United States and Iran in the Strait of Hormuz, a critical energy shipping route.
According to a report by the British news agency Reuters, on Monday morning (September 7), benchmark Brent crude prices in international markets increased by 0.54 percent to reach $96.80 per barrel. Tehran claims that it took military action against three U.S.-linked vessels and three unauthorized oil tankers navigating the Strait of Hormuz.
According to Iranian authorities, this retaliatory measure came in response to recent U.S. strikes that destroyed three Iranian crude oil tankers. Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude rose by 0.72 percent to stand at $92.14 per barrel. On the other hand, Washington stated that it conducted military operations in response to recent provocative activities by Iranian warships stationed in the region.
Notably, since the conflict between the United States, Israel, and Iran began on February 28 of this year, Brent crude prices have surged by more than 30 percent in international markets. Market analysts fear that ongoing tensions could deliver another major blow to the global economy.
