Oil prices rose to nearly a six-week high amid a wave of strikes between the United States and Iran in the Strait of Hormuz.
On Monday, Brent oil futures rose to hover around $97 a barrel, up 9 percent over the last five days and 19 percent over the last month. Monday’s market moves are approaching the highest point since July 24, when prices topped $97.93. US West Texas Intermediate crude similarly rose to $92.27 a barrel, up 79 cents, also a near six-week high.
Amid increased strikes, traffic in the Strait of Hormuz has declined, with an average of 10 commodity ships crossing the vital chokepoint each day over the last 10 days.
File Image
