Oil Surges to $111 as Tanker Mine Strikes Near Hormuz Raise Supply Risk

Oil prices climbed to nearly $111 per barrel amid reports of tanker accidents near the Strait of Hormuz caused by mine strikes, alongside signs of increased diplomatic activity. The incidents threaten a key chokepoint for global oil supply, though the extent of disruption and the actors behind the mines remain unconfirmed. The price move reflects immediate supply risk, with diplomatic efforts potentially mitigating escalation.