Oil prices rise amid latest US-Iran fighting

Oil prices rose on Monday amid the latest fighting between the United States and Iran, raising concerns about potential supply disruptions in the Middle East.

Brent crude futures were up 66 cents, or 0.7 percent, to $91.15 a barrel at 06:40 GMT, while US West Texas Intermediate (WTI) crude was up 70 cents, or 0.8 percent, to $86.46. In the previous session, Brent closed up 2.7 percent and WTI settled up 2.8 percent.

The escalation in tensions between the two countries has heightened fears that the conflict could spread, potentially affecting the Strait of Hormuz, a critical chokepoint for global oil shipments. About 20% of the world's oil passes through the strait.

According to Mehr News Agency, the price increase reflects market concerns over supply risks in the region. The report noted that the latest developments in US-Iran fighting have added a risk premium to oil prices.

Analysts suggest that any major disruption in the Strait of Hormuz could have significant implications for global energy markets, as major oil producers in the region rely on this route for exports. The situation remains fluid, and market participants are closely monitoring the geopolitical developments.