By ******* hree Mukherjee
July 13 (Reuters) - Oil prices surged more than 3% 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 3.25%, to $78.48 at 1145 GMT, while U.S. West Texas Intermediate crude was up $2.35, or 3.29%, 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 ******* yst Giovanni Staunovo.
Fresh U.S. and Iranian strikes over the weekend fueled fears of a renewed escalation. Tehran targeted U.S. facilities across the Gulf on Sunday and said it had again closed the Strait of Hormuz. Iran's Revolutionary Guards said on Monday they had attacked U.S. military bases in Kuwait and Bahrain.
July 13 (Reuters) - Oil prices surged more than 3% 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 3.25%, to $78.48 at 1145 GMT, while U.S. West Texas Intermediate crude was up $2.35, or 3.29%, 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 ******* yst Giovanni Staunovo.
Fresh U.S. and Iranian strikes over the weekend fueled fears of a renewed escalation. Tehran targeted U.S. facilities across the Gulf on Sunday and said it had again closed the Strait of Hormuz. Iran's Revolutionary Guards said on Monday they had attacked U.S. military bases in Kuwait and Bahrain.
16 days ago
