Oil Prices Continue to Rise Amid Escalating Fears of Middle East Supply Disruptions

Oil prices continued their rise on Monday, amid growing fears of a prolonged disruption to Middle East supplies following reciprocal attacks by the United States and Iran on ships in the Strait of Hormuz and other areas.

Brent crude futures rose 52 cents, or 0.54%, to $96.80 per barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents, or 0.72%, to $92.14 per barrel.

Brent crude had risen 7.8% last week, while WTI crude gained about 10%, after the United States and Iran resumed their attacks, leading to a decline in oil flows through the Strait of Hormuz, which previously carried about one-fifth of global oil supplies before the conflict.