Oil jumps more than 3% as US and Iran trade strikes, dispute Hormuz status
Brent crude rose 3.2% to $78.43 a barrel as of 7am Singapore time, after gaining 5.4% the previous week. The move came as the US and Iran continued to dispute whether the Strait of Hormuz remains open to shipping following fresh strikes.
Brent crude rose 3.2% to $78.43 a barrel as of 7am Singapore time, building on a 5.4% gain the previous week. The move came as Asian markets opened the trading week reacting to the renewed exchange of strikes between the United States and Iran.
Washington and Tehran continued trading strikes around the Strait of Hormuz over the weekend, offering conflicting accounts of whether the waterway remains fully open to commercial shipping traffic. Asian investors are closely watching risks to regional energy supply chains.
Analysts said continued escalation could leave oil-importing economies across Asia facing higher energy costs. Markets are bracing for further developments as the week progresses.
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