Oil prices ticked upward on Monday following several days of exchanged military strikes between the United States and Iran across the Middle East, raising fresh concerns about the durability of the two countries’ short-term peace arrangement and once again slowing the flow of energy tankers through the Strait of Hormuz.
Brent crude futures gained 50 cents, or 0.69%, reaching $72.49 per barrel as of 2204 GMT. Meanwhile, U.S. West Texas Intermediate crude rose 73 cents, or 1.05%, to trade at $69.96 per barrel.
The uptick in prices reflects growing market anxiety as the renewed hostilities between Washington and Tehran cast doubt on whether the fragile ceasefire arrangement between the two nations can hold, particularly given the strategic importance of the Strait of Hormuz as a global energy shipping corridor.
