Oil prices climbed on Monday after escalating tit-for-tat strikes between the United States and Iran once again disrupted shipping through the Strait of Hormuz, one of the world’s most critical energy corridors. Brent crude futures rose 0.8% to $72.57 per barrel, while US West Texas Intermediate (WTI) gained 1.3% to $70.11. The increase comes despite Brent posting a 10.6% decline last week, as crude shipments through the strait reached their highest levels since the US-Israel conflict with Iran intensified in late February. Investors continue to monitor geopolitical developments and maritime security risks that could further impact global energy markets and oil supply chains.
