Crude oil futures end higher amid escalating US-Iran conflict
Iran reportedly struck a Kuwaiti oil tanker near a Dubai port, highlighting rising risks to shipping in the Persian Gulf
Crude oil futures closed higher on Monday amid escalating tensions in the US-Iran conflict, as the United States deployed additional troops to the Gulf. U.S. President Donald Trump warned Iran to immediately reopen the Strait of Hormuz or face severe consequences. Meanwhile, Iran reportedly struck a Kuwaiti oil tanker near a Dubai port, highlighting rising risks to shipping in the Persian Gulf. Iran-backed Houthis in Yemen also entered the conflict by targeting Israel over the weekend, while Tehran is said to be preparing potential disruptions to Red Sea shipping.
Benchmark crude oil futures for May delivery increased by $3.24 or 3.25% to settle at $102.88 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased by $0.21 or 0.19% to settle at $112.78 a barrel on London's Intercontinental Exchange.
