Oil prices inched higher on Monday after US and Iran's tit-for-tat strikes over the weekend spooked investors about the fragility of their interim peace deal and slowed down shipping in the Strait of Hormuz.
Brent crude futures climbed over 0.8% to $72.58 a barrel while US West Texas Intermediate (WTI) crude futures gained nearly 1.3% to $70.11 per barrel, as seen at 7.18 am on Monday. This came after Brent crude fell nearly 11% last week to mark its third week of loss after crude shipments through the strait rose to their highest level since the US-Israeli conflict with Iran began earlier this year.
