Oil prices increased after renewed clashes between the United States and Iran raised concerns over the reopening and security of the Strait of Hormuz, a key route for global energy supplies.
Brent crude oil, the international benchmark, gained about 0.9% on Monday, reaching around $73.21 per barrel after US and Iranian strikes over the weekend weakened hopes of a quick return to normal shipping conditions.
Market analyst Fabien Yip said the rise reflected renewed uncertainty, noting that oil prices had dropped too quickly due to expectations of a ceasefire despite continued tensions.
The Strait of Hormuz, located between Iran and Oman, is one of the world’s most important oil and gas shipping routes, carrying a significant share of global energy exports.
The latest escalation began after the US carried out strikes against Iran, accusing Tehran of attacks on commercial vessels in the waterway. Iran later responded with missile and drone attacks targeting US military positions in Bahrain and Kuwait.
Reports say Washington and Tehran have agreed to pause attacks and restart negotiations aimed at ending the conflict, with possible talks expected in Doha, Qatar. However, Iran has not officially confirmed the reported agreement.
Meanwhile, Asian stock markets showed mixed reactions, with major technology companies in Japan and South Korea facing losses as investors questioned whether the artificial intelligence investment boom can continue.
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