Commodities
Oil Prices Surge Amid Renewed US-Iran Tensions
Oil prices surged to nearly $97 per barrel on Monday as renewed US-Iran tensions raised fears of longer disruptions to global energy supplies.
The latest attacks targeted vessels near the Strait of Hormuz and other areas, with Brent crude rising 52 cents to $96.80 a barrel and US West Texas Intermediate gaining 66 cents to $92.14 a barrel.
Both benchmarks posted strong gains last week as fighting resumed, with Brent increasing 7.8% and WTI gaining nearly 10%.
The Strait of Hormuz carries about one-fifth of global oil supplies during normal conditions, but shipping traffic has fallen sharply since the conflict intensified, with Kpler data showing about 10 commodity ships crossed daily in the past 10 days - the lowest level since May.