Brent oil prices rose two per cent to more than $90 per barrel on Monday, as escalating US-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz. Brent crude futures LCOc1 climbed $2.09, or 2.37pc, to $90.19 by 0241 GMT, touching the highest since June 11, extending gains after rising 15.9pc last week, its biggest weekly gain since April. US West Texas Intermediate crude CLc1 was at $84.20 a barrel, up $1.71, or 2.07pc, the loftiest since June 12. Front-month prices gained 15.5pc last week, the largest weekly ascent since early March. The Middle East conflict escalated over the weekend with the US conducting a ninth straight night of attacks against Iran, while US allies…

Source: Dawn – Latest News

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