World Update Oil Prices Surge amidst US-Iran Tensions
Post the attack on two oil tankers in the Gulf of Oman, oil prices have surged. The U.S. President also called off a military strike on Iran stating that he was not seeking a war with Iran.
Oil prices surged after two oil tankers were recently attacked in the Gulf of Oman. The United States claims that Iran was behind the attack and since then tensions have remained high between the two countries. Last week, Donald Trump, the U.S. President called off a military strike on Iran and stated that he was not seeking a war with Iran. However, Mike Pompeo, United States Secretary of State recently stated that ‘significant’ sanctions would be announced on Iran with an aim to stop their resources.
Oil prices climbed last week after Iran allegedly shot down a US drone that the United States claims was in international airspace whereas, Tehran argues was over its territory.