Ammon News - Oil prices climbed on Monday ‌on continuing fears of supply losses because of shipping disruptions in the key Middle East producing region from the U.S.-Israeli war with Iran.

Brent crude futures rose $1.71, or 1.6%, to $110.74 a barrel by 0057 GMT. U.S. West Texas Intermediate crude futures gained $0.71, or 0.6%, to trade ​at $112.25 per barrel.

The Strait of Hormuz, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait ​and the United Arab Emirates, remains largely closed by Iranian attacks on shipping after the war began on February 28.

Because of the Middle East supply disruptions, refiners are seeking alternative sources for crude, particularly for physical cargoes in the ​U.S. and the UK North Sea.

On Sunday, Trump ratcheted up pressure on Tehran, threatening in an expletive-laden ‌Easter ⁠Sunday social media post to target Iran's power plants and bridges on Tuesday if the strategic Strait of Hormuz is not reopened.

Still, some vessels, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, crossed the Strait of Hormuz since Thursday, shipping data showed, reflecting Iran's policy to allow passage for vessels from countries it ​deems friendly.

​On Sunday, OPEC+, ⁠consisting of some members of the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to a modest rise of 206,000 barrels per day for May.


Reuters