Oil prices rose in choppy trade Monday, as market participants assess U.S. President Donald Trump's announcement to "free" ships that have been trapped due to the closure of the Strait of Hormuz, amid lingering tensions.
The UK Maritime Trade Operations agency reported that a tanker was hit by projectiles north of Fujairah in the United Arab Emirates, adding to concerns over regional security and shipping disruptions.
20 per barrel, while West Texas Intermediate (WTI) rose to $78.
The incident and Trump's comments have intensified worries about the stability of the critical shipping route, which accounts for a significant portion of global oil exports.
Brent crude climbed to $84.20 per barrel, while West Texas Intermediate (WTI) rose to $78.50, both showing signs of renewed sensitivity to geopolitical risks.
Analysts note that any escalation in the region could further strain global energy markets, especially as OPEC+ continues to manage output levels amid fluctuating demand.
Markets are now closely watching for further developments from the U.S. administration and any potential military or diplomatic actions that could impact the situation in the Strait of Hormuz.