Oil Prices Surge As Hormuz War Escalates
(RTTNews) - Oil prices were sharply higher on Monday as an escalation in tensions between Washington and Tehran raised fears of supply disruptions through the Strait of Hormuz.
Brent crude futures jumped 3.5 percent to $91.21 a barrel, while WTI crude futures were up 3.4 percent at $86.28 a barrel.
Iran launched attacks with explosive drones on American forces stationed in Jordan after U.S. forces targeted two Iranian launchers on Larak Island.
The Iranian Army said the drones also targeted locations of U.S. helicopters and forces stationed at the AI Minhad airbase in the United Arab Emirates - a claim the UAE denied.
An oil tanker caught fire after striking two sea mines while attempting to take an "illegal" route through the Strait of Hormuz, Iran's Islamic Revolutionary Guard Corps (IRGC) said in a statement carried by state-run broadcaster IRIB.
The IRGC called on vessels navigating the area to comply with procedures announced by Tehran.
Meanwhile, Washington "took limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz," the U.S. Central Command said earlier.
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