US-Iran Tensions Drive Oil Price Surge

Global oil markets have seen an increase in prices due to rising tensions between the US and Iran. The Strait of Hormuz, through which one-fifth of the world's oil supply passes, has been disrupted by attacks on oil tankers.

Brent crude rose 79 cents, or 0.82%, to $97.07 per barrel, while US West Texas Intermediate (WTI) crude increased by 80 cents, or 0.87%, to $92.28 per barrel.

Last week, Brent crude prices rose by 7.8% and US crude prices increased by nearly 10%. The disruptions have been caused by renewed attacks between the two countries, which have resulted in reduced oil shipments through the Strait of Hormuz.