Oil prices moved higher at the start of trading in Asian markets on Monday as the conflict in the Middle East intensified, hours after the US military announced it had carried out a ninth consecutive night of airstrikes against Iran and amid reports of a vessel ablaze in the Strait of Hormuz.
At around 4am Cyprus time, the price of Brent crude for September delivery was up 2.72% at $90.50 per barrel.
Meanwhile, West Texas Intermediate (WTI), the US benchmark crude, rose 2.39% to $86.46 per barrel.
The gains came as investors reacted to the worsening security situation in the region and growing concerns over potential disruptions to shipping and energy supplies through the Strait of Hormuz, one of the world's most important oil transit routes.
Source: CNA/Reuters
