rki.news | Sources Anadolu
Oil prices continued to rise Tuesday as renewed tensions between the US and Iran heightened concerns over possible disruptions to shipments through the Strait of Hormuz.
Brent crude futures rose 1.4% to $98.5 per barrel as of 0630GMT, reaching a six-week high, while West Texas Intermediate (WTI) crude futures also gained 1.4% to $94 per barrel.
Tensions increased after Yemen’s Houthi group targeted cities and economic infrastructure in southern Saudi Arabia, causing deaths, according to the Saudi-led military coalition. Fires also broke out at energy facilities following attacks, the Saudi Energy Ministry said.
Meanwhile, Iran’s Islamic Revolutionary Guard Corps (IRGC) said it targeted and destroyed a US military tethered surveillance aerostat near Erbil airport in northern Iraq.
Iranian official Mohsen Rezaei said Iran would declare a new “restricted” maritime zone outside the Strait of Hormuz, warning vessels entering the area would face sanctions.
Yemeni Coast Guard forces also intercepted an oil tanker after it unloaded an “unauthorized” cargo at Ras Isa port.
The US and Iran signed a memorandum of understanding in June, mediated by Pakistan and Qatar, but both sides have accused each other of failing to fulfill commitments as military tensions continue.
US-Iran Tensions Push Oil Prices Higher Amid Hormuz Concerns
