Oil prices jump as Iran warns of 'restricted' zone near Hormuz

International oil benchmarks climbed sharply at the start of the week as military tensions between the United States and Iran escalated over the strategic Strait of Hormuz, pushing Brent crude above $97 per barrel. As of 0700 GMT on Monday, Brent futures rose approximately 0.8% from Friday's close, while West Texas Intermediate (WTI) crude advanced 0.6% to reach $92 per barrel, according to trading data.

Iran downs US aerostat, announces maritime curbs

Iran's Islamic Revolutionary Guard Corps (IRGC) said early Monday that it had targeted and destroyed a US military tethered surveillance aerostat in a drone strike near Erbil airport in northern Iraq. The attack marked a significant escalation in direct military confrontations between Tehran and Washington.

Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said on Monday that Tehran would declare a new "restricted" maritime zone outside the Strait of Hormuz in the coming days, adding that any vessel entering the area would face sanctions. The measure would target shipping lanes beyond the strategic chokepoint, he noted.

Yemen intercepts tanker amid strained truce efforts

Yemeni Coast Guard forces intercepted an oil tanker on Sunday after it unloaded an "unauthorized" cargo at the Houthi-held Ras Isa port in Al-Hudaydah governorate, government media reported. The incident highlighted ongoing volatility in regional waters just as diplomatic channels show signs of strain.

Washington and Tehran signed a memorandum of understanding in June, mediated by Pakistan and Qatar, outlining steps toward ending hostilities and reopening the Strait of Hormuz. The two sides have since traded accusations over implementation failures, while military tensions have continued alongside disputes over sanctions and navigation rights.