London (HRNW)- Global oil prices continued to rise following reported attacks involving the United States and Iran targeting ships in the Strait of Hormuz and other areas.
According to Reuters, Brent crude increased by 52 cents, or 0.54 percent, to $96.80 per barrel, while US West Texas Intermediate (WTI) rose by 66 cents, or 0.72 percent, to $92.14 per barrel.
Brent crude gained 7.8 percent last week, while WTI rose by around 10 percent. Reduced oil shipments through the Strait of Hormuz amid renewed US-Iran military tensions have raised concerns over global energy supplies.
The Strait of Hormuz is a major global energy corridor, with around one-fifth of the world’s oil supply normally passing through the route. The recent tensions have significantly reduced shipping traffic, increasing fears of further supply disruptions.
Experts warn that if the US-Iran naval standoff and restrictions around the Strait of Hormuz continue, global oil prices could remain volatile and rise further.
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