❗️Global oil prices surge as naval mine strikes in Strait of Hormuz disrupt maritime transit According to a report by Gulf News, international oil prices spiked sharply today, positioning benchmark crude for its fourth consecutive monthly gain following reports that multiple commercial oil tankers struck naval mines while attempting to transit the Strait of Hormuz. The Iranian Islamic Revolutionary Guard Corps (IRGC) Navy confirmed that several vessels caught fire after navigating through designated security zones without authorization, highlighting severe ongoing supply risks as the regional war between Washington, Tel Aviv, and Tehran enters its eighth month. The fresh disruptions in the Persian Gulf triggered an immediate reaction across global commodities markets. Brent crude futures for December delivery surged by $1.20, or 1.04 percent, reaching $116.08 per barrel in early trading, while US West Texas Intermediate (WTI) crude climbed $1.37, or 1.34 percent, to $103.37 per barrel. For the month of October, Brent is on track to finish nearly 11 percent higher, while WTI is heading toward a 14 percent monthly increase as energy traders price in systemic maritime security risks.