Oil prices: US crude oil rises in light of the escalation in the Middle East

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Oil prices: US crude oil rises in light of the escalation in the Middle East

Oil prices US crude today, Monday, by 7.5%, in light of the accusation Iran to the United States by violating Ceasefire which ends on Wednesday.
West Texas Intermediate crude, the American benchmark for oil prices, recorded $90.17 per barrel, an increase of 7.5%, while the price of Brent crude, the international benchmark for oil prices, rose by 6.5% to reach $96.27 per barrel.
The Iranian military vowed to respond after a US destroyer on Sunday fired on an Iranian-flagged commercial ship in the Gulf of Oman, as it attempted to circumvent the The American blockade of Iran’s ports.
The Strait of Hormuz, through which a fifth of the world’s oil and liquefied natural gas production passes, has remained closed since the start of the American-Israeli war against Iran.

The possibility of a new military escalation

Chris Weston pointed out from the trading platform "Paperstone" In a note published on Monday, he noted that US President Donald Trump’s social media posts over the weekend raised the possibility of a new military escalation.
He added: "But the news that most affected the markets was the US military’s seizure of an Iranian ship in the Gulf of Oman, and Iran’s announcement that it would respond in kind.".

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He continued: "With the flow of goods through the Strait of Hormuz halted again, traders are reassessing the odds and timeline for logistics to return to normal, and adjusting their positions again after their more positive assumptions last week."

Attempt to break the naval blockade

Trump said on Sunday that a US destroyer fired on an Iranian-flagged cargo ship in the Gulf of Oman after it tried to break a naval blockade imposed by the United States, adding that the Marines had taken control of it.
Iran pledged to respond soon to the US Navy attacking the Iranian ship and disembarking soldiers on board.