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Oil prices jumped on Monday as Iran attacked Gulf states in response to US strikes in Tehran. Consequently, Brent Crude stood at USD 79.17, reflecting a rise of USD 3.16, or 4.16 per cent, at the time of filing. At the same time, crude oil stood at USD 74.47, gaining USD 3.06 or 4.29 per cent.
The price movement followed a wave of military actions that disrupted the critical Strait of Hormuz maritime corridor, heightening concerns over global energy supplies. The escalation triggered widespread regional instability, drawing sharp condemnation from the Organization of Islamic Cooperation (OIC) and triggering formal diplomatic protests as the standoff on the Strait of Hormuz continues. In a statement issued on Sunday, the OIC General Secretariat strongly denounced Iranian attacks targeting Qatar, Oman, Kuwait, the United Arab Emirates, Bahrain, and Jordan. The organisation labelled the strikes a "flagrant and ongoing violation" of national sovereignty and a direct breach of the principles of good neighbourliness. The OIC further criticised Iran's ongoing disruption of international trade and attacks on commercial vessels, stating that these actions violate international law and the charters of both the United Nations and the OIC. Warning that such escalations threaten regional security, the OIC reaffirmed its full solidarity with the targeted nations and supported their right to take measures to safeguard their security and territorial integrity. "The General Secretariat of the Organisation of Islamic Cooperation expresses its strong condemnation and denunciation of the Iranian attacks against the Kingdom of Bahrain, the State of Kuwait, the United Arab Emirates, the State of Qatar, the Sultanate of Oman and the Hashemite Kingdom of Jordan, which constitute a flagrant and ongoing violation of the sovereignty of these states and a breach of the principles of good-neighbourliness based on mutual respect," it stated. "The General Secretariat affirms that these ongoing attacks and Iran's continued aggression against commercial vessels and obstruction of international trade constitute a clear violation of international law, the Charter of the United Nations and the Charter of the Organisation of Islamic Cooperation, and are likely to undermine international efforts to restore security and stability in the region," it added. Meanwhile, Oman took direct diplomatic action, claiming drone strikes on sites in the Musandam and Al Wusta governorates. Sheikh Khalid Almuslahi, the Foreign Ministry Undersecretary, summoned the Iranian Ambassador to Oman, Mousa Farhang, to deliver a formal note of protest. During the meeting, Omani officials expressed deep concern over the "irresponsible acts", demanding that Iran adhere to the values of non-interference, sovereignty, and the ethical norms that bind neighbouring nations. (ANI)
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