Oil prices rise 5% as Iran attacks UAE and Gulf vessels
Brent crude rose to 113.92 dollars per barrel after Iran targeted vessels and ports in the United Arab Emirates. The U.S. Navy deployed destroyers to the Strait of Hormuz to break a blockade as regional tensions escalated.
Brent Crude Oil rose 5.3% to $113.92 per barrel on Monday midday after Iran attacked vessels in the Strait of Hormuz. Prices for West Texas Oil also climbed 3.5% to $105.48 following drone strikes against United Arab Emirates tankers. Disrupted flows through a corridor handling 20% of global oil supply threaten to sustain a price floor above $100.
### Iranian Blockade Escalates Gulf Tensions The Iranian Revolutionary Guards Navy issued a map expanding its controlled zones to include the ports of Fujairah and Khorfakkan. This territorial claim follows strikes launched by the United States and Israel against Iran on February 28.
