SGOil prices surged over 3.5% on Monday as tensions between the U.S. and Iran escalated, with the U.S. attacking an Iranian island in the Strait of Hormuz and Iran retaliating by striking U.S. air bases in Jordan. Brent crude and U.S. West Texas Intermediate (WTI) crude both saw significant gains, driven by fears of further oil supply disruptions. Analysts noted the renewed military activity and concerns over the strategic waterway, which accounts for a fifth of global oil supplies. However, the market reaction was partly influenced by thin trading volumes due to a UK public holiday. Despite the price increase, both benchmarks remained on track for modest losses in August. The U.S. Treasury Secretary hinted at potential new sanctions against Iran, while President Trump mentioned using Venezuelan oil to replenish the Strategic Petroleum Reserve.
Bias read (Center): The article presents a balanced account of the escalating U.S.-Iran conflict, including quotes from analysts and officials, as well as the conflicting claims from both sides regarding the attacks. It does not overtly favor one side over the other, providing context from multiple perspectives without
