Brent Crude Rises Amid Ongoing US-Iran Conflict

Brent crude prices rose by $1.38 per barrel on Monday to trade at $89.21 per barrel as tensions between the US and Iran continue to escalate.

The conflict, which has been ongoing for several months, shows no signs of abating, with a 60-day peace accord signed in June set to expire today.

Analysts from ING Bank noted that prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal.

The US oil rig count also saw an increase last week, with one more rig added to bring the total number to 455 units. This could indicate future production levels, but it's unclear how much impact this will have on global crude prices.