SAEDNEWS: Oil prices have continued to rise as renewed US-Iran strikes targeting ships passing through the Strait of Hormuz increase concerns that supply disruptions could persist for an extended period.
According to Saednews, Oil prices continued to rise as renewed attacks involving the United States and Iran on vessels passing through the Strait of Hormuz increased concerns about prolonged disruptions to global oil supplies, Reuters reported.
Brent crude futures gained 0.54% to reach $96.80 a barrel early Monday, while West Texas Intermediate (WTI) crude rose 0.72% to $92.14 a barrel.
The latest gains followed Iran’s claim that it had attacked three US-linked vessels and three oil tankers that were using what Tehran described as an “unauthorised” route through the Strait of Hormuz. Iran said the attacks were carried out in response to US strikes that destroyed three Iranian crude oil tankers.
Brent crude has now increased by more than 30% since the US-Israel war with Iran began on February 28, highlighting growing concerns over the impact of the conflict on global energy supplies.
