Oil prices surged more than three per cent on Monday after renewed military strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz. Brent crude futures were up $2.47, or 3.25pc, to $78.48 at 4:45pm PKT, while US West Texas Intermediate crude was up $2.35, or 3.29pc, to $73.76 a barrel. “The focus will remain on the number of inbound tankers as a lower number could impact production, so currently we see a risk premium but as well a disruption risk supporting prices,” said UBS analyst Giovanni Staunovo. Fresh US and Iranian strikes over the weekend fueled fears of a renewed escalation. Tehran targeted US facilities across the Gulf on Sunday and…

Source: Dawn – Latest News

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