Oil prices flare as Iran tightens grip on Hormuz
Summary
Oil prices held above $100 a barrel after Iran expanded restrictions around the Strait of Hormuz and reported attacks on vessels trying to pass through the waterway. The escalation has heightened fears of wider disruption to global energy supplies as the war between Iran and the United States drags on.
Key Points
- Brent crude rose above $100 for the first time since July after Iran tightened control around the Strait of Hormuz.
- Iran said its Revolutionary Guards attacked two US vessels, eight oil tankers and 10 other ships attempting to pass through the strait.
- Donald Trump said oil prices would fall once the United States wins the war with Iran, while Tehran warned vessels entering the new prohibited zone could face sanctions.
- The IAEA voted to refer Iran to the UN Security Council over nuclear non-compliance, adding more diplomatic pressure on Tehran.
