Iran’s Larak Island<\/a>\u00a0\u200bin the Strait of Hormuz on Sunday, the first known American strikes on the \u2060country since late July.<\/p>\nIn response, Iran attacked two US air bases in Jordan, Iranian media reported on Monday, \u200bciting Iran’s Revolutionary Guards.<\/p>\n
“Renewed military strikes in the Middle East and concerns of further oil supply disruptions have \u200blifted oil prices,” said UBS analyst Giovanni Staunovo, adding that markets will now focus on whether the situation de-escalates or not.<\/p>\n
US President Donald Trump said in a social media post on Sunday that Iran’s energy hub of Kharg Island was being “blown to smithereens”, \u200bbut there was no evidence the island was under attack. The post, which included an AI-generated video, provided \u200bno further details. Iran denied any attack on the island and said oil operations were continuing.<\/p>\n
Efforts to negotiate an end to \u200cthe \u2060conflict remain stalled as mediators seek to reopen the Strait of Hormuz, through which a fifth of global oil supplies passed before the war began at the end of February.<\/p>\n
Part of the sharp market reaction reflected thin trading volumes due to a UK public holiday, said Saxo Bank analyst Ole Hansen.<\/p>\n
Shipping data showed the number \u200bof visible commodity vessels \u200btransiting the strait over \u2060the weekend fell to five a day, highlighting caution among operators concerned about attacks on shipping.<\/p>\n
The United Kingdom Maritime Trade Operations agency said on Sunday that a tanker \u200bhad been struck by a projectile while entering the strait on Saturday.<\/p>\n
US Treasury Secretary \u200bScott Bessent told \u2060Reuters on Sunday that the US was likely to impose new secondary sanctions on Iran every week.<\/p>\n
Despite Monday’s rally, Brent and WTI were still on track to post modest losses for August after falling more than 4% last week, \u2060their \u200bfirst weekly declines in three weeks.<\/p>\n
Trump also said on Sunday that \u200boil secured under a recently struck deal with Venezuela would be used to replenish the US Strategic Petroleum Reserve, which has fallen to near \u200bits lowest level in 44 years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose more than 3.5% \u200con Monday after the US attacked an Iranian island in the Strait of Hormuz and Tehran said it had retaliated, as their conflict extended into its sixth month. Brent crude futures were up $3.15, or 3.58%, to $91.25 a barrel at 0903 GMT, while US \u200bWest Texas Intermediate crude …<\/p>\n","protected":false},"author":1,"featured_media":5554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/5553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5553"}],"version-history":[{"count":1,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/5553\/revisions"}],"predecessor-version":[{"id":5555,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/5553\/revisions\/5555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/media\/5554"}],"wp:attachment":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}