Brent Surges Above $86 After Iran Strikes Two UAE Tankers in Hormuz

AI Summary

Brent crude oil prices surged above $86 per barrel after Iran attacked two UAE tankers near the Strait of Hormuz, intensifying regional tensions. The surge impacts global energy markets and raises concerns over shipping security in the vital oil transit route.

Brent Crude prices soared by 3% early on Tuesday to above $86 per barrel, following an Iranian attack on two tankers of the United Arab Emirates in the southern lane of the Strait of Hormuz, in one of the biggest attacks in the recent re-escalation in the region.    In early trading in Europe today, Brent Crude prices jumped by over 3% to above $86 per barrel, and were trading at $86.06 a barrel at 9:00 a.m. London time.   The U.S. benchmark, WTI Crude, was surging by 3.1% to top $80 per barrel for the first time in a month. The…