Oil prices climb 5% after reported US warship attack
Oil prices rose 5% Monday on reports of a U.S. warship incident in the Strait of Hormuz. While officials denied the report, supply fears kept Brent near $114.
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Brent Crude Oil rose 5.1% to $113.69 on Monday morning following reports that Iran struck a United States warship with missiles. The price jump reverses a $2.23 decline on Friday as tensions escalate in the Strait of Hormuz. Investors face prolonged supply disruptions in a vital transit route that handles roughly 20% of global oil consumption.
