West Texas Intermediate (WTI) crude oil prices climbed to nearly $84.50 per barrel following claims from the Islamic Revolutionary Guard Corps (IRGC) that a supertanker was struck by mines in the Strait of Hormuz. This development heightened concerns over supply risks in a critical oil shipping route.
According to FX Street, WTI was trading around $84.40 per barrel during Asian trading hours on Monday, reflecting the market's reaction to the reported incident. The IRGC's claim added a layer of geopolitical uncertainty to the already volatile energy market.
For Japanese investors closely watching energy prices, such disruptions in the Middle East can influence fuel costs and impact the broader equities and FX markets, given Japan’s reliance on imported oil.