New Delhi, July 13: Global oil prices rose on Monday after fresh tensions between the United States and Iran sparked concerns over the safety of shipping through the Strait of Hormuz, a key route for global oil exports.
The increase came after both countries exchanged strong warnings over the strategic waterway, raising fears of possible disruptions to crude oil supplies. The Strait of Hormuz is one of the world’s most important oil transit routes, with a large share of global oil shipments passing through it.
Analysts said rising geopolitical tensions have unsettled global energy markets, pushing oil prices higher. Investors are closely monitoring the situation, as any disruption in the region could affect fuel prices and energy supplies worldwide.
Officials and market experts continue to watch developments closely, warning that any further escalation could have a wider impact on the global economy and international oil markets.