U.S. authorities have warned their commercial vessels to avoid the Strait of Hormuz, causing international oil prices to rise by over 1% amid concerns about escalating geopolitical tensions in the Middle East.
On Monday, West Texas Intermediate (WTI) crude oil futures traded at $64.28 per barrel on the New York Mercantile Exchange, up 1.13%.
Brent crude futures also saw a 1.32% uptick, reaching $68.95 per barrel.
On this day, the U.S. Department of Transportation advised vessels to maintain maximum distance from Iranian territory while navigating through the Strait of Hormuz and the Gulf of Oman, citing potential attacks from Iran on American commercial ships.
Following this alert from the Department of Transportation, international oil prices uniformly surged by over 1%, reflecting growing concerns about a renewed crisis in the Middle East.