WTI crude oil advanced to near a two-week high Monday morning in Asia, fueled by escalating geopolitical tensions between the US and Iran. The conflict reportedly intensified over the weekend when the US targeted three Iranian oil tankers in reprisal for ballistic missile attacks against US Navy warships. Tehran responded by establishing a new restricted zone beyond the Strait of Hormuz, extending across a portion of the Persian Gulf and encompassing the US Navy’s blockade line. The WTI contract is valued at $92.13 per barrel, marking a 0.71% increase, while Brent is up 0.63% at $96.90 per barrel.