Oil prices climbed sharply on Monday as rising tensions between the United States and Iran in the Middle East raised concerns over disruptions to crude shipments through the Strait of Hormuz.
Brent crude futures increased by more than 2% to $90.19 per barrel, reaching their strongest level since June 11 after a major weekly gain.
Meanwhile, US West Texas Intermediate (WTI) crude advanced to $84.20 per barrel, marking its highest point since June 12 as markets reacted to growing supply concerns.
Meanwhile, the United States carried out its ninth consecutive night of military operations against Iran, targeting a range of strategic sites as tensions between the two countries continued to escalate.
According to the U.S. Central Command (CENTCOM), the latest strikes were conducted at 10 p.m. ET on July 19. The operation focused on Iranian military command centers, air defense systems, coastal surveillance facilities, missile and drone launch sites, maritime capabilities, and communications infrastructure.
CENTCOM said the objective was to further reduce Iran’s ability to threaten commercial shipping and civilian vessels passing through the Strait of Hormuz.
The US military stated that the operations were being conducted under the direction of the Commander in Chief and added that its forces remain prepared for any further developments.
Meanwhile, Iranian media reported explosions in the southeastern city of Chabahar. Additional reports also indicated attacks in Sirik, Hormozgan Province, Bushehr, and Konarak, although further details about the incidents were not immediately available.
Separately, Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed it had carried out retaliatory attacks against US military facilities in the Gulf region. According to the IRGC, a drone strike destroyed a US early-warning radar system in Qatar.
The IRGC also claimed it targeted equipment and aircraft parts hangars at Ali Al Salem Air Base in Kuwait and struck an MQ-9 drone base, alleging that several drones were destroyed. The organization said these operations were conducted in response to recent U.S. military attacks on Iranian territory.
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