Brent crude climbs to $72.51 after renewed hostilities slow shipping in a key Middle East oil transit route.
Oil prices advanced as escalating strikes between the US and Iran in the Middle East disrupted shipping in the Strait of Hormuz, a critical chokepoint for global energy supplies. Brent crude futures rose 0.67% to $72.51 a barrel, while US West Texas Intermediate gained 1.03% to $69.94.
The gains follow a 10.6% decline in Brent last week, its third consecutive weekly drop, after crude shipments through the strait reached their highest level since February. However, renewed attacks on vessels, including a Qatar-linked oil tanker, prompted retaliatory strikes, slowing traffic and raising supply concerns.
Analysts noted the market may reassess expectations for a swift recovery in Persian Gulf oil flows. Reports of a temporary halt in hostilities and renewed talks in Qatar capped further gains.