Commodities / NEWS UPDATE
Brent Hits $117 as Tanker Catches Fire in Strait of Hormuz
Published · 1 min read
Tensions in the Strait of Hormuz escalated after a tanker caught fire when explosive devices were attached to its hull.
UKMTO confirmed the crew's safety and no environmental impact. Meanwhile, Iran's IRGC disputed U.S. claims of clearing mines, stating the reality of the strait is determined on land, air, and sea. Oil prices surged to $117 per barrel, marking a fourth consecutive monthly gain.