Oil prices rose sharply on Monday as escalating tensions between the United States and Iran increased fears of possible disruptions to energy shipments through the Strait of Hormuz. Brent crude futures gained more than 2%, reaching $90.19 per barrel. This marked their highest level since June 11 and followed a significant increase during the previous week.
US West Texas Intermediate crude also climbed, rising to $84.20 per barrel. The price reached its strongest point since June 12 as traders reacted to growing concerns about global oil supplies.
The latest increase came as the United States continued military operations against Iran for a ninth consecutive night. US forces reportedly targeted several strategic and military locations as hostilities between the two countries intensified. According to US Central Command, the latest strikes took place at 10 p.m. Eastern Time on July 19. The operation targeted Iranian command facilities, air-defence systems, coastal monitoring sites, missile and drone launch positions, maritime assets, and communications infrastructure.
CENTCOM said the attacks aimed to weaken Iran’s ability to threaten commercial ships and civilian vessels travelling through the Strait of Hormuz. The US military added that its forces were operating under presidential direction and remained prepared to respond to further developments.
Iranian media, meanwhile, reported explosions in Chabahar, a port city in southeastern Iran. Reports also suggested that attacks occurred in Sirik, Hormozgan, Bushehr, and Konarak, although complete information was not immediately available.
Iran’s Islamic Revolutionary Guard Corps also claimed responsibility for retaliatory strikes against US military facilities in the Gulf region. The IRGC said a drone attack had destroyed an American early-warning radar system in Qatar. It also claimed to have targeted equipment and aircraft-component hangars at Kuwait’s Ali Al Salem Air Base.
In addition, the group said it attacked a base used for MQ-9 drones and alleged that several unmanned aircraft were destroyed. According to the IRGC, the retaliatory operations were launched in response to recent US strikes on Iranian territory.
