London, July 20 (SANA) Oil prices climbed more than 3% in early Asian trading on Monday as the escalating military confrontation between the United States and Iran raised concerns over potential disruptions to energy shipments through the Strait of Hormuz.
Reuters reported that Brent crude futures rose $2.75, or 3.12%, to $90.85 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.56, or 3.10%, to $85.05 a barrel.
The gains came as investors assessed the risk that continued hostilities could disrupt oil and gas exports through the Strait of Hormuz, one of the world’s most important energy shipping routes.
Last Thursday, International Energy Agency (IEA) Executive Director Fatih Birol warned that a prolonged closure of the Strait of Hormuz would pose significant risks to global energy security.
R.A/ABD
