Renewed fighting between the U.S. and Iran has oil prices on the up again.
The weekend saw a fresh cycle of attacks and counter-attacks.
Tehran extended strikes on Qatar and the UAE, while the U.S. launched further hits on Iran.
That saw international benchmark Brent crude jump around 4% by early afternoon Monday in Asia.
There were similar gains for U.S. crude prices.
All eyes are on what happens now in the Strait of Hormuz.
It used to carry one-fifth of the world’s oil and gas shipments before the war began.
On Sunday, U.S. President Donald Trump said the key waterway was open to commercial traffic.
However, Iran said earlier that it had closed the Strait after a vessel used an unapproved route and was struck.
Data from ship tracking service Kpler showed six vessels transiting the area on Sunday - the lowest number in five weeks.
The U.S. military said a route near Oman was still available for two-way traffic despite security threats.
One analyst told Reuters the relatively modest price increases so far suggest traders still think this is a temporary flare-up, rather than a complete collapse of the ceasefire between the U.S. and Iran.
Posted by: Alma Angeles/NET25 News
