Oil prices rise as US-Iran tensions escalate

Oil prices rose slightly as hostilities between the United States and Iran continued for a fourth consecutive day, while Iran maintained its insistence on controlling the Strait of Hormuz. Brent crude futures rose 0.9 per cent to US$72.20 a barrel, while US West Texas Intermediate (WTI) crude gained 1.3 per cent to US$70.09 a barrel. On Friday, oil prices fell to their lowest levels since the conflict began, with Brent closing at around US$72 a barrel and WTI settling at about US$69. Oil prices declined last week amid hopes that a 60-day ceasefire would allow oil shipments through the Strait of Hormuz to resume. The strategic waterway carries around one-fifth of the world’s oil supplies. READ: US to continue targeting Iran […]