Global Oil Prices Surge Amid U.S.-Iran Standoff, Brent Crude Nears $94

International oil prices continued their upward trend as conflicts between the United States and Iran persisted.

On the ICE Futures Exchange, the closing price for September delivery Brent crude futures rose 3.36% from the previous session to $94.07 per barrel.

On the New York Mercantile Exchange, the closing price for September delivery West Texas Intermediate (WTI) crude futures also increased by 2.95% from the previous session to $86.83 per barrel.

The market reacted sensitively to hardline remarks from high-ranking U.S. officials and geopolitical risks surrounding the Strait of Hormuz.

Speaking in the Philippines, where he was visiting to attend the ASEAN Foreign Ministers' Meeting, U.S. Secretary of State Marco Rubio said, "The United States wants a diplomatic solution and would gladly reach an agreement with Iran if possible, but the problem we are facing right now is that Iran is not serious about talks."

U.S. President Donald Trump also warned on Truth Social that if Iran attacks ships passing through the Strait of Hormuz, the U.S. would respond by bombing Iranian bridges or power plants.

Furthermore, Yemen's pro-Iranian Houthi rebels declared a blockade on ships entering and leaving Saudi Arabian ports, threatening even alternative transport routes bypassing the Strait of Hormuz and further escalating concerns over crude supply disruptions.
※ Please note: This article was translated by AI and may contain errors.