Crude above $91 amid US-Iran tanker strikes and Hormuz standoff
Crude oil traded above $91 a barrel after a 9.7% surge last week, as US and Iran exchanged strikes over tankers and tensions rose around the Strait of Hormuz.
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7% last week, as tensions between Washington and Tehran heightened concerns about possible prolonged disruptions to energy shipments through the Strait of Hormuz. The US said it struck three Iranian oil tankers over the weekend, destroying one, in retaliation for ballistic missile attacks on US Navy warships. Iran said it would establish a new restricted zone outside the strait, reportedly extending from the US Navy blockade line into parts of the Persian Gulf. Tehran also said it targeted three tankers, although those reports could not be independently confirmed.
US Energy Secretary Chris Wright said Washington would keep its naval presence and blockade in place to limit Iranian oil exports while supporting the safe passage of commercial vessels. Wright previously said millions of barrels of crude were still moving through the Strait of Hormuz despite the conflict.