BRENT CRUDE RISES ABOVE $97 AS US-IRAN TENSIONS ESCALATE

Brent crude, the international benchmark for oil prices, moved above $97 per barrel on Monday morning amid escalating military tensions between the United States and Iran. The US targeted three Iranian oil tankers over the weekend in retaliation for ballistic missile attacks on US Navy warships, according to reports. Tehran responded by attacking oil tankers and vessels linked to the US and announced plans to establish a "restricted" maritime zone beyond the Strait of Hormuz in the coming days.

The 60-day ceasefire between the two nations expired last month, with no apparent diplomatic solution emerging. Chris Wright, US energy secretary, called on other nations to support efforts to reopen the Strait of Hormuz, stating that "world trade should not be the sole responsibility of the United States." The waterway previously carried approximately 20 per cent of the world's oil and liquefied natural gas supplies. Ship operators have grown reluctant to transit the passage without confirmation of safe passage.

The US President characterised the ongoing military exchanges as "intermittent" and described them as a "military conflict" rather than a "war", stating "it's small potatoes for us. It's not a big thing." Market analysts monitored whether the supply concerns would translate into broader economic impact, with UK stock futures reported as steady despite the oil price movement. Further developments in the dispute remained uncertain.