Oil tops $110 after reported US strike on Iranian naval base

invezz.com (Swedish) —

Oil prices surged above $110 per barrel on Monday after Al Jazeera reported a US attack on an Iranian naval base, reversing earlier declines amid fears of further Middle East supply disruptions. Brent crude climbed over $110 after trading more than 1% lower, while West Texas Intermediate rose nearly 1.5% toward $103. The reported strike targeted the Konarak naval base, wounding two soldiers, and heightened concerns about shipping through the strategic Strait of Hormuz. Crude flows through the Persian Gulf fell to about 8.5 million barrels per day last week from over 20 million previously, with 10 attacks recorded. US Treasury yields also rose, adding to market volatility.


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