Oil prices rose by more than $1 per barrel on Monday as reciprocal US and Iranian strikes on vessels passing through the Strait of Hormuz and other areas heightened concerns about prolonged disruptions to oil supplies from the Middle East. Reuters reported, writes UNN.
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As of 07:27 GMT, Brent crude futures had risen by $1.20, or 1.25%, to $97.48 per barrel. US West Texas Intermediate (WTI) crude rose by $1.14, or 1.25%, to $92.62 per barrel.
Last week, Brent rose 7.8%, while WTI gained nearly 10% after the resumption of US and Iranian strikes, which led to reduced oil flows through the Strait of Hormuz. Previously, one-fifth of the world's oil supplies passed through it.
On Saturday, US forces struck three Iranian oil tankers, the US Central Command reported. One of them was near the coast of Khark Island, close to Iran's key oil export hub.
The naval forces of Iran's Islamic Revolutionary Guard Corps said on Saturday that they had attacked three oil tankers traveling through the Strait of Hormuz along unauthorized routes, as well as three additional US vessels in other areas.
According to maritime intelligence company Marisks, Saturday's attacks marked a "significant escalation of the maritime conflict."
According to analytics company Kpler, an average of 10 cargo vessels per day passed through the Strait of Hormuz over the past 10 days—the lowest figure since May.