(RTTNews) – Oil prices remained elevated on Monday as escalating Middle East tensions following attacks on critical energy infrastructure and the death of three more American soldiers over the weekend raised concerns of a prolonged slowdown in shipping through the Strait of Hormuz.
Brent crude futures slipped slightly to around $88 a barrel in volatile trade, after having risen over 2 percent toward $91 a barrel earlier in the session.
The price drop came after Tehran vowed to pursue diplomatic efforts alongside military response and safeguard security in the Strait of Hormuz, helping ease some supply concerns.
“We will not discuss their details at this stage. While our armed forces respond firmly and decisively to the source of American aggression, diplomacy is fully aware of its duties and spares no effort in fulfilling them”, Foreign Ministry spokesman Esmaeil Baqaei was quoted as saying during a press briefing.
Earlier in the session, prices surged as the Middle East conflict expanded beyond military targets, with bridges, utilities, and port facilities coming under attack.
Iran retaliated against U.S. assets across the Middle East after the United States carried out strikes against Iran for the ninth day in a row.
Bahrain’s Interior Ministry activated warning sirens and urged residents to seek shelter. Kuwait Petroleum said an Iranian strike hit one of its oil facilities.
The U.K. Maritime Trade Operations (UKMTO) agency said that a vessel was on fire off the coast of Oman.
U.S. President Donald Trump told reporters Sunday evening that the U.S. hit very hard in honor of the three great patriots.
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