Oil Prices Rise Amid Escalating Tensions in Strait of Hormuz

Oil prices hovered near six-week highs as tensions between the US and Iran continued to escalate. The Strait of Hormuz, a critical oil shipping route, has seen reduced tanker traffic in recent days.

Brent crude futures rose $1.19, or 1.2%, to $97.47 per barrel on Monday, while US West Texas Intermediate crude traded at $92.26, up 78 cents from the previous day's close.

The latest attacks on vessels sailing in the region have further tightened supply chains and raised concerns about potential disruptions to oil flows. Analysts warn that if tanker traffic continues to decline, the market could price in a larger supply shock.