Pakistan, June 29 -- Oil prices climbed on Monday as renewed military exchanges between the United States (US) and Iran raised concerns over energy supplies and shipping through the Strait of Hormuz, one of the world's most important oil transit routes.

Brent crude futures rose 58 cents, or 0.8%, to $72.57 per barrel, while US West Texas Intermediate (WTI) crude gained 88 cents, or 1.3%, to trade at $70.11 per barrel.

The gains followed several days of tit-for-tat strikes between the US and Iran, which highlighted the fragility of their interim peace agreement and disrupted tanker traffic through the Strait of Hormuz. Shipping activity had previously recovered to its highest level since the conflict began in late February, but recent at...