Oil prices jump after Iran and U.S. attack commercial ships as tensions escalate over Strait of Hormuz
📖 Full Retelling
Crude oil prices surged Sunday, as the U.S. and Iran teetered on the brink of a renewed war after attacks on commercial ships in the Strait of Hormuz.
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
In this article @CL.1 @LCO.1 Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 4:26 04:26 John Kilduff: No supply through Hormuz, disruption remains severe Morning Call Crude oil prices rose Monday, as the U.S. and Iran teetered on the brink of a renewed war after attacks on commercial ships in the strategically vital Strait of Hormuz. West Texas Intermediate futures for May delivery rose nearly 7% to close at $89.61 per barrel. International benchmark Brent crude futures for June delivery advanced more than 5% to settle at $95.48. The U.S. Navy on Sunday fired on an Iranian container ship in the Gulf of Oman, and the Marines later took custody of the ship, President Donald Trump said. The ship had tried to get past the U.S. naval blockade of Iran's ports, Trump said in a Truth Social post . The U.S. seizure of the ship came after Iran attacked a tanker in the Strait of Hormuz on Saturday. Revolutionary Guard gunboats fired on the tanker and a container ship was hit by an unknown projectile, according to the United Kingdom Maritime Trade Operations Centre. "Oil prices are being whipsawed by developments in the Middle East once again, with what appears to be de-escalation quickly turning to re-escalation," Warren Patterson, head of commodities strategy at ING, said in a research note on Monday. Trump on Sunday threatened again to blow up every power plant and bridge in Iran if its leaders do not accept a deal with the U.S. The ceasefire agreement between the U.S. and Iran will expire this week. Trump called Iran's weekend attacks on ships a "total violation" of the truce. It is unclear whether the U.S. and Iran will meet for a second round of peace negotiations in Pakistan. Trump said the U.S. and Iran would hold talks in Islamabad on Monday. But Iran said it would not attend due to the ongoing U.S. naval blockade, among other grievances, according to state news agency IRNA. The sudden escalation in tensions over the weekend came after the U.S. and Iran...
Read full article at source