Latest
Oil prices rise after US, Iran trade fire in Strait of Hormuz
Oil prices have extended their gains as renewed strikes between the US and Iran on ships transiting the Strait of Hormuz raise concerns of prolonged supply disruptions, according to Reuters.
Brent crude futures climbed 0.54 percent to $96.80 a barrel early this morning, while West Texas Intermediate crude rose 0.72 percent to $92.14 a barrel, it said.
The gains come after Iran claimed attacks on three US-affiliated vessels and three oil tankers using an “unauthorised” route in the Strait of Hormuz. Tehran said the strikes were in response to US attacks that destroyed three Iranian crude oil tankers.
Since the US-Israel war on Iran began on February 28, the price of Brent crude has risen more than 30 percent.
Source: MNA
-Agencies
