Oil nears $97 after US-Iran ship exchanges
Oil prices rose near $97 per barrel following escalating tensions between the United States and Iran, after American and Iranian forces targeted ships in the Strait of Hormuz. This led to a decline in oil flows through the strait and raised fears of a prolonged disruption to supplies. These retaliatory attacks caused Brent crude to increase by 0.54%, reaching $96.80, and West Texas Intermediate to rise by 0.72%, reaching $92.14. Additionally, the OPEC+ coalition announced it would maintain its current oil production policy for October. Iran also declared plans to establish a restricted zone near the Strait of Hormuz, further increasing the risks of continued escalation and threatening global oil supplies.
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