Oil prices rise as US-Iran tensions escalate

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024 [Tayfun Coşkun/Anadolu Agency]

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 if Hormuz shipping is threatened: Envoy to UN

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