Oil prices increased on Monday amid ongoing U.S.-Iran tensions, raising worries about potential disruptions to energy shipments via the Strait of Hormuz after recent U.S. military casualties following strikes.
International benchmark Brent crude for September delivery increased about 2.77% to surpass $90 per barrel, while U.S. West Texas Intermediate crude for August delivery rose roughly 2.4% to $84.49.
The latest escalation follows the U.S. military confirming that a third American service member has been killed in recent operations, while investigators recovered unidentified remains near the site of an Iranian attack in Jordan that previously resulted in two U.S. personnel dead and another missing.
American forces have launched a ninth straight night of strikes on Iranian targets. “The strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” stated the U.S. Central Command in a message on X.
U.S. Centcom announced that its strikes targeted Iranian coastal surveillance and air defense systems, maritime assets, and missile and drone storage facilities. Additionally, American forces engaged Islamic Revolutionary Guard Corps units associated with the July 17 attack on U.S. personnel in Jordan.
The renewed hostilities have revived concerns about the security of one of the world’s most important oil transit routes.
By CEO NA Editorial Staff
