The tit-for-tat strikes by the US and Iran have again slowed energy shipping in the Strait of Hormuz, leading to a rise in oil prices, as reported by Reuters on Monday.
Brent crude futures rose by 0.672 percent, to $72.51 a barrel by 2313 GMT. US West Texas Intermediate (WTI) crude also gained 1.03 percent, to reach $69.94 a barrel.
Despite the increase, Brent crude had fallen 10.6% last week, marking its third consecutive weekly decline. The drop came after crude shipments through the strait increased to their highest level since the US-Israeli conflict with Iran began in February.
Moreover, the strike has also developed fragility in the ongoing negotiations and the interim peace agreement between the warring countries.
However, the rise in oil prices stayed limited as Iran and the US have agreed to stop their recent military conflict in the Gulf and restart talks in Qatar about their dispute over the Strait of Hormuz, as reported by Axios on Sunday.
These latest developments regarding the Strait of Hormuz have led to a volatile nature in oil prices and have raised concerns that the conflict could disrupt oil supplies, leading to a significant rise in oil prices.
