Oil Prices Surge on Rising US-Iran Tensions
Oil prices have risen by around $1 as tensions between the US and Iran in the Middle East increased, raising concerns of supply disruptions from a key crude-producing region.
Brent crude futures were up $1.05, or 1.2%, to $91.54 a barrel at 0455 GMT, while U.S. West Texas Intermediate crude was up $1.27, or 1.5%, to $87.03.
The rise in oil prices comes after US President Donald Trump threatened further strikes against Iran following the first exchange of direct attacks between the countries in a month on Sunday.
Analysts said that the potential for Iranian retaliation has raised concerns about damage to energy infrastructure around the Gulf and adds fresh uncertainty for shipping through the Strait of Hormuz, which carried about a fifth of global oil supplies before the war erupted in late February.