US Gas Prices Hit Record $4.14 Amid Iran-Gulf Naval Tensions

Oil prices rose on Monday as tit-for-tat strikes between the US and Iran in the Strait of Hormuz heightened concerns over global supply disruptions.

Brent crude futures climbed 0.54% to $96.80 per barrel, while US West Texas Intermediate crude rose 0.72% to $92.14, following the destruction of an Iranian tanker by US forces.

Iran announced plans to establish a new restricted maritime zone in the Persian Gulf, with officials stating the Strait of Hormuz will remain closed until US military threats cease.