Oil prices rose by more than $1 a barrel on Monday after the United States launched an attack on an Iranian island in the Strait of Hormuz, prompting a response from Tehran as the Middle East conflict entered its sixth month.
اضافة اعلان
Brent crude futures rose $1.08, or 1.23%, to $89.18 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 92 cents, or 1.10%, to $84.32 a barrel.
U.S. forces struck two launch platforms on Iran’s Lark Island in the Strait of Hormuz on Sunday, in the first known U.S. strikes on Iran since late July.
Negotiations aimed at ending the conflict have stalled, while mediators are working to reopen the Strait of Hormuz, through which one-fifth of global oil supplies passed before the war began in late February.
Both Brent and WTI are expected to post modest declines in August after falling more than 4% last week, marking their first weekly drop in three weeks.
Shipping data on Monday showed that the number of cargo vessels seen sailing through the Strait of Hormuz at the start of the week fell to five per day, reflecting companies’ caution over the risk of attacks on vessels.
The United Kingdom Maritime Trade Operations agency said Sunday that an oil tanker was struck by a projectile while sailing through the strait on Saturday.
U.S. President Donald Trump said Sunday that oil resulting from a recently reached agreement with Venezuela would be used to replenish the U.S. Strategic Petroleum Reserve, which has fallen close to its lowest level in nearly 44 years.
Source: Reuters
