Oil prices rose on Monday as the United States targeted Iran with a fresh round of strikes:
- The latest escalation came after the U.S. military confirmed a third American service member had been killed in recent operations.
Oil prices are likely to continue rising as ongoing conflict between the U.S. and Iran raises concerns over the security of energy shipments through the Strait of Hormuz.
International benchmark Brent crude for September delivery rose about 2.77% to top $90 per barrel, while U.S. West Texas Intermediate crude for August delivery climbed roughly 2.4% to $84.49:
The U.S. Central Command stated that the strikes will continue to degrade Iranian military capabilities used to attack commercial vessels and civilian mariners:
The global crude market has become significantly tighter as Gulf exports dwindle:
