New York, April 20 (SANA) Oil prices rose more than 5 percent on Monday amid growing concerns that the ceasefire between the United States and Iran could unravel following the detention of an Iranian cargo vessel by US authorities and the continued suspension of navigation through the strategic Strait of Hormuz.
According to Reuters, Brent crude futures surged by $5.08 per barrel, or 5.62 percent, to reach $95.46 a barrel.
At the same time, US West Texas Intermediate crude climbed $5.04, or 6.01 percent, to $88.89 per barrel.
Markets reacted sharply to escalating uncertainty surrounding the Strait of Hormuz, a key global energy chokepoint, amid continued Iranian maritime measures and warnings issued to vessels transiting the waterway.
The rise also came as the US naval blockade imposed on Iranian ports remained in place, adding to concerns over global supply disruptions and higher energy costs.
Kh.A
