Oil climbs on growing Hormuz supply risks Oil prices extended gains on Monday as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East.
Brent crude futures climbed 79 cents, or 0.82%, to $97.07 a barrel by 0512 GMT while U.S. West Texas Intermediate crude was at $92.28 a barrel, up 80 cents, or 0.87%.
Brent rose 7.8% last week while WTI gained nearly 10% after the U.S. and Iran resumed attacks and caused a reduction in oil flows through the Hormuz strait where a fifth of the world's oil supply used to transit.
U.S. forces struck three Iranian oil tankers on Saturday, U.S. Central Command said, including one off the coast of Kharg Island, near Iran's key oil export hub.
https://shafaq.com/en/Economy/Oil-climbs-on-growing-Hormuz-supply-risks
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