Oil prices rise 3 percent on Iran warship attack claims
Brent crude rose to 111.81 dollars after Iran claimed it struck a U.S. warship in the Strait of Hormuz. The U.S. denied the report as supply risks persist.
Brent Crude Oil rose 3.4% to $111.81 a barrel on Monday after Iran claimed it struck a United States warship. This price jump follows a $2.23 settlement loss on Friday as tensions in the Strait of Hormuz escalated. Investors face heightened supply risks as restricted flows through the strategic waterway keep prices above the $100 threshold.
### Conflicting Reports in the Strait of Hormuz Iran's Fars news agency reported on Monday midday that local forces struck a vessel and forced it to retreat. U.S. Central Command denied the report on Monday, stating no navy ships were hit during the transit. UBS GROUP AG-REG analyst Giovanni Staunovo said the price path remains skewed to the upside while flows through the Strait remain restricted.
