BAKU, Azerbaijan, June 29. Oil prices climbed following renewed tensions between the United States and Iran over the Strait of Hormuz, raising concerns about the resumption of normal shipping in the strategic waterway.
TurkicWorld reports that brent crude, the global benchmark, rose four cents to $72.03 per barrel as of 08:03 GMT, while US West Texas Intermediate crude gained 44 cents to $69.67 per barrel.
The increase comes after reciprocal US and Iranian attacks over the weekend, which have underscored the risk of disruptions to oil flows through the region.
Analysts from ING noted that “there’s still plenty of risk facing the oil market,” adding that market participants appear focused on the potential global impact of a continued recovery in oil shipments. They also cautioned that current market complacency could leave significant upside risk if supply recovery is slower than expected.
