WEB DESK: Worldwide, crude oil prices have risen sharply amid concerns over tensions between the United States and Iran. The increase comes after reports of an American attack on an Iranian vessel and fears of Iran’s retaliatory actions.
The price of Brent crude oil increased by 5 percent, adding $5.13 to reach $95.51 per barrel. Similarly, U.S. crude oil prices have jumped by 7 percent, now standing at $89.80 per barrel.
In addition, natural gas prices in the global market saw an approximate 2 percent increase, reaching around $2.71 per MMBTU.
It is noteworthy that the United States has seized an Iranian vessel, as announced by the U.S. Central Command (CENTCOM), which stated that the ship is now in American custody.
U.S. President Donald Trump took to social media to confirm that the U.S. had targeted and seized an Iranian vessel for allegedly violating sanctions in the Strait of Hormuz. The U.S. military intercepted the vessel while it was attempting to breach the U.S. blockade in the strategic waterway.
