China
Oil prices climbed on Monday.
The West Texas Intermediate for June delivery went up 3.24 U.S. dollars, or 3.07 percent, to settle at 108.66 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained 2.84 dollars, or 2.6 percent, to settle at 112.1 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle higher
Iran on Monday announced the establishment of its Persian Gulf Strait Authority (PGSA) to exercise management over the Strait of Hormuz, while launching the new agency's official social media account to provide real-time updates on developments in the strategic waterway.
On the same day, Iran's Islamic Revolution Guard Corps (IRGC) announced via its official news outlet Sepah News that all fiber-optic cables passing through the Strait of Hormuz subject to its permit, supervision and toll after Iran exercises management over maritime traffic in the waterway.
Citing relevant reports, officials noted that the undersea communications network beneath the Strait of Hormuz carries over 10 trillion U.S. dollars' worth of global financial transaction data daily. Any disruption to this critical communications hub could cause direct and indirect losses ranging from tens to hundreds of millions of dollars per day to regional and global economic, financial, and energy supply chains.
Iran establishes new body over Strait of Hormuz
