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Oil prices rise as US, Iranian strikes threaten Strait of Hormuz reopening
Brent crude edges up as tit-for-tat strikes hinder return to normality in key waterway.
Oil prices have climbed following the latest flare-up in hostilities between the United States and Iran.
Brent crude, the primary international benchmark, rose about 0.9 percent on Monday after tit-for-tat US and Iranian strikes over the weekend renewed doubts about a return to normal shipping in the Strait of Hormuz.
Brent futures for August delivery stood at $73.21 a barrel as of 03:30 GMT, 127 cents higher than the day before the US and Israel launched their war on Iran on February 28.
“Brent’s partial rebound this morning reflects a market that had perhaps run too quickly on ceasefire optimism,” Fabien Yip, a market analyst at IG in Sydney, Australia, told Al Jazeera.
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