U.S.-Iran Tensions Spark Modest Oil Price Increases

Oil prices edged higher as the fourth consecutive day of U.S.-Iran hostilities persisted, with Iran reaffirming its stance on maintaining control over the Strait of Hormuz.

Brent crude futures increased 0.9% to $72.20 per barrel, while West Texas Intermediate (WTI) rose 1.3% to $70.09 per barrel.

On Friday, prices slipped to their lowest levels since the conflict erupted, with Brent settling near $72 and WTI around $69.

Prices fell last week as hopes grew that a 60‑day ceasefire would restore oil flows through the Strait of Hormuz, a conduit for roughly one‑fifth of global oil supplies.

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