Oil prices continue to rise amid ongoing US-Iran tensions
Istanbul (ANTARA) - Oil prices continued to rise on Tuesday following the re-escalation of tensions between the United States and Iran, which has heightened fears regarding the potential disruption of oil shipments through the Strait of Hormuz.
Brent crude oil futures rose by 1.4 per cent to $98.5 per barrel at 06:30 GMT, reaching a six-week high. Meanwhile, West Texas Intermediate (WTI) crude oil futures also increased by 1.4 per cent to $94 per barrel.
On Tuesday, Houthi groups in Yemen attacked several towns and economic infrastructure in southern Saudi Arabia. These Houthi military actions resulted in casualties, according to the Saudi-led military coalition.
Furthermore, fires broke out at several energy facilities in southern Saudi Arabia following attacks targeting those sites, according to the Saudi Ministry of Energy.
Meanwhile, on Monday, the Islamic Revolutionary Guard Corps (IRGC) of Iran stated that it had targeted and destroyed a US military surveillance aerostat moored near Erbil Airport in northern Iraq during a drone attack.
Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, stated on Monday that his country would establish a new “limited” maritime zone outside the Strait of Hormuz in the coming days. He also warned that any vessel entering this area would be placed on a sanctions list.
Additionally, the Yemeni Coast Guard intercepted an oil tanker on Sunday after the vessel discharged “unauthorised” cargo at the Houthi-controlled port of Ras Isa in Al-Hudaydah Province, according to state media.
The US and Iran signed a memorandum of understanding in June, mediated by Pakistan and Qatar. The agreement outlined measures to end hostilities, reopen the Strait of Hormuz, and address economic restrictions.
Since then, both parties have accused each other of failing to meet the commitments outlined in the memorandum. Military tensions persist amidst ongoing disputes regarding sanctions and navigation through the Strait of Hormuz.