NEW YORK: Global oil prices rose sharply following US action against an Iranian vessel and growing fears of potential retaliation in the region.
The price of Brent crude (often referred to as British crude) increased by around five percent, reaching $95.51 per barrel. Meanwhile, US crude oil also recorded a significant rise of nearly seven percent, climbing to $89.80 per barrel.
At the same time, global gas prices saw an increase of approximately two percent, with rates reaching $2.71 per MMBTU.
The surge comes amid heightened tensions after the United States claimed it had taken custody of an Iranian ship. According to the United States Central Command, the vessel is now under its control.
US President Donald Trump said in a statement on social media that the US military targeted and intercepted the ship in the Strait of Hormuz, alleging that it was attempting to violate sanctions and breach the blockade.
The development has intensified concerns over possible escalation in the region, with analysts warning that continued tensions around key oil transit routes could further impact global energy markets.
