The U.S. military's attack on an Iranian oil tanker has escalated geopolitical risks, with Brent crude nearing the $97 mark at one point.

After the U.S. military attacked Iranian oil tankers and Iran announced the establishment of a new no-fly zone outside the Strait of Hormuz, concerns about long-term disruptions to energy transportation routes heightened, causing international oil prices to rise sharply. Brent crude opened with a gain of up to 0.8%, nearing the $97 per barrel mark, while WTI crude traded around $92. The U.S. stated that it struck three Iranian tankers over the weekend, sinking one of them, as a retaliatory action against Iran's ballistic missile attack on a U.S. Navy ship. Reports indicate that Iran's top security official responded by saying that a new no-fly zone would be established outside the Strait of Hormuz within the coming days, extending from the U.S. military's blockade line into parts of the Persian Gulf. Iran also claimed to have attacked three tankers, although this claim has not been independently verified. Previously, following a brief period of relative calm, U.S. and Iranian forces exchanged fire once again, driving significant increases in oil prices last week. Due to ongoing Middle Eastern conflicts and the Russo-Iranian warfare, Brent crude's price has risen nearly 60% this year, while the increases in refined products such as diesel have been even more pronounced. U.S. Energy Secretary Chris Wright stated that the U.S. military presence in the Gulf region would not diminish, currently including both the blockade line to restrict Iranian oil exports and the provision of security for other commercial vessels. Wright revealed last week that millions of barrels of crude oil are being transported through the Strait of Hormuz daily.