Karachi, Pakistan – Web Desk: Global crude oil prices surged sharply on Monday, rising up to 7% amid escalating tensions between the United States and Iran, including reports of a seized Iranian vessel and fears of potential retaliation.
The increase comes as markets react to heightened geopolitical uncertainty following developments involving the United States Central Command (CENTCOM), which confirmed the interception of an Iranian ship allegedly violating maritime restrictions.
Benchmark Brent crude rose by 5%, gaining $5.13 to reach $95.51 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude climbed 7%, reaching $89.80 per barrel.
In the energy markets, natural gas prices also saw an uptick of nearly 2%, trading at $2.71 per million British thermal units (MMBtu), as traders priced in potential supply disruptions.
The surge follows rising concerns over shipping routes in the Strait of Hormuz, a key global oil transit corridor, amid increasing military and political tensions in the region.
Earlier, US President Donald Trump stated on social media that American forces had seized an Iranian vessel accused of violating a blockade. US officials said the ship was intercepted during an attempted passage near restricted waters.
Energy analysts warn that continued instability in the region could further disrupt global oil supply chains, potentially pushing prices higher and increasing inflationary pressures worldwide.
