Brent crude prices surged above $86 per barrel, while WTI topped $80 after Iranian missile strikes on two UAE tankers. The attack reportedly killed one Indian crew member and injured eight others, raising concerns about the security of commercial shipping through the Strait of Hormuz.
The latest escalation has extended oil's rally to roughly 12% since Friday as markets price in a higher geopolitical risk premium.
The UAE's Ministry of Defense reported that the national tankers Mombasa and Al Bahiyah were targeted by two Iranian cruise missiles.
The attack was condemned as a serious violation of international law that threatens regional security and stability.
