Middle East Tensions Fuel Brent Crude Rally Above $84
Brent crude prices have risen above $84 per barrel on Monday as investors reassess geopolitical risks in the Middle East.
The uncertainty surrounding shipping through the Strait of Hormuz continues to support oil prices, despite concerns about slowing global demand.
Brent crude oil rose to around $84 per barrel, while U.S. West Texas Intermediate (WTI) traded above $79 per barrel.
The rebound reflects renewed caution among traders after optimism over a quick resolution to tensions around the Strait of Hormuz faded.