SINGAPORE: Oil prices extended their gains on Monday as concerns over disruptions to Middle Eastern oil supplies intensified following incidents involving commercial vessels in the Strait of Hormuz and other maritime routes amid escalating tensions between the United States and Iran.
During Monday’s trading session, Brent crude futures for October rose 79 cents, or 0.82%, to $97.07 per barrel, while US West Texas Intermediate (WTI) crude gained 80 cents, or 0.87%, to reach $92.28 per barrel.
Global oil prices also recorded significant gains last week. Brent crude rose 7.8%, while WTI gained nearly 10%. The resumption of attacks between the United States and Iran has disrupted oil flows through the Strait of Hormuz, a vital maritime route through which around one-fifth of the world’s oil supply has traditionally been transported.
