After US President Donald Trump announced that the US Navy had intervened and seized a cargo ship sailing under the Iranian flag, global oil prices rose sharply in Asian markets on Monday morning.
elchi reports that tensions escalated after Iran announced on Saturday that it had closed the Strait of Hormuz to commercial vessels again and that any approaching ship would be targeted.
As a result of these developments, Brent crude oil futures rose 4.74 percent to $94.66 per barrel, while West Texas Intermediate (WTI) crude rose 5.6 percent to $88.55.
The uncertainty in the Strait of Hormuz, through which approximately 20 percent of the world’s oil and liquefied natural gas (LNG) shipments pass, has caused volatility in energy markets.
In the process that began with US and Israeli attacks on Iran on February 28, the Tehran administration threatened to target shipments passing through the strait.
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