SINGAPORE: Brent oil prices rose 2.37% to USD 90.19 per barrel by 0241 GMT on Monday as escalating US-Iran hostilities restricted shipping through the Strait of Hormuz.
Brent futures rose USD 2.09 to their highest level since June 11. The benchmark had climbed 15.9% during the previous week, its largest weekly increase since April.
US West Texas Intermediate crude rose USD 1.71, or 2.07%, to USD 84.20 per barrel, its highest level since June 12. WTI gained 15.5% last week.
ING analysts said Brent had moved above USD 90 with no sign of de-escalation in the Gulf, warning that continued exchanges of strikes could trigger broader attacks across the region.
The Islamic Revolutionary Guard Corps said two oil tankers exploded and became immobilised after attempting to use what it called an unsafe route through the Strait of Hormuz. Reuters said it could not independently verify the claim.
The United Kingdom Maritime Trade Operations agency separately reported a vessel on fire northwest of Kumzar, Oman.
Only four vessels crossed the strait on Sunday, compared with eight a day earlier, according to LSEG data. At least three refined-products tankers and one very large crude carrier had entered the waterway since Friday to load oil.
Read: Iran Oil Tankers Stopped at Karachi Port Amid US Naval Blockade
The Strait of Hormuz normally handles about one-fifth of global oil trade. Barclays analyst Amarpreet Singh said markets may be underestimating the impact of simultaneous restrictions on regional exports while inventories remain near five-year lows.
