Oil Prices Rise After Renewed U.S.-Iran Strikes in the Middle East

Oil prices climbed on Monday following an exchange of strikes between the United States and Iran in the Middle East, highlighting the fragility of their temporary agreement to end the conflict and once again slowing oil shipments through the Strait of Hormuz.

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Brent crude futures rose by 50 cents, or 0.69%, to $72.49 per barrel as of 22:04 GMT.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures reached $69.96 per barrel, up 73 cents, or 1.05%.

The gains came as renewed tensions between Washington and Tehran raised concerns about potential disruptions to global energy supplies and maritime traffic through the Strait of Hormuz, a critical route for international oil shipments.

Reuters