Hormuz Tensions Send Oil Prices Soaring

Oil prices continued to rise on Monday as tensions between the US and Iran escalated over strikes on oil tankers in the Strait of Hormuz. The recent attacks have heightened concerns about a prolonged supply disruption from the Middle East.

Brent crude futures climbed 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT, while US West Texas Intermediate crude was at $92.14 a barrel, up 66 cents, or 0.72%.

The price of Brent rose 7.8% last week, and WTI gained nearly 10% after the US and Iran resumed attacks and caused a reduction in oil flows through the Hormuz strait, where a fifth of the world's oil supply transits.