London, June 29 (SANA) Oil prices rose on Monday after renewed military strikes between the United States and Iran heightened concerns over global energy supplies and disrupted oil shipping through the Strait of Hormuz.
According to Reuters, Brent crude futures gained 50 cents, or 0.69%, to $72.49 a barrel, while U.S. West Texas Intermediate crude rose 73 cents, or 1.05%, to $69.96 a barrel.
The gains followed renewed military exchanges between Washington and Tehran, highlighting the fragility of their temporary agreement and slowing tanker traffic through the Strait of Hormuz, a key route for global oil exports.
The latest rise in oil prices reflects persistent market concerns that geopolitical tensions could disrupt energy supplies. Analysts say political and military developments are increasingly driving oil markets alongside traditional supply and demand fundamentals, as regional instability and concerns over supply security continue to weigh on investor sentiment.
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