Oil prices surged on Tuesday, with U.S. WTI crude exceeding $107 per barrel, up 4.2%, while global benchmark Brent settled at $111.42, its highest since May 19. November WTI futures are on track for their ninth consecutive session of gains, with a monthly rise of nearly 20%. At least 18 vessels have been targeted in the Strait of Hormuz over the past two weeks, including two non-compliant oil tankers set ablaze after hitting mines laid by Iran’s Revolutionary Guard Corps.
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