Oil prices surged more than 3% on Monday after renewed military strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz.Brent crude futures LCOc1 were
Oil prices surged more than 3% on Monday after renewed military strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz.
Brent crude futures LCOc1 were up $2.67, or 3.51%, to $78.68 at 0743 GMT, while U.S. West Texas Intermediate crude CLc1 was up $2.48, or 3.47%, to $73.89 a barrel.
"Shipping operators are adopting a cautious approach and inbound movements have slowed under heightening security concerns," ANZ analysts said.
Fresh U.S. and Iranian strikes over the weekend fuelled fears of a renewed escalation. Tehran targeted U.S. facilities across the Gulf on Sunday and said it had again closed the Strait of Hormuz. Iran's Revolutionary Guards said on Monday they had attacked U.S. military bases in Kuwait and Bahrain.
Before the conflict began in late February, the Strait of Hormuz handled about one-fifth of global daily oil and liquefied natural gas supplies.
Vessel traffic through the strait fell to a five-week low on Sunday, ship-tracking data showed. Six vessels transited the strait on Sunday, according to Kpler.
The escalating attacks cast doubt on the future of an interim U.S.-Iranian agreement signed last month that aimed to reopen the strait and end the war
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