Afghanistan, Aug. 31 -- Oil prices rose by more than $1 per barrel on Monday after military tensions between the United States and Iran escalated in and around the Strait of Hormuz, raising fresh concerns over global energy supplies and the security of one of the world's busiest oil shipping routes.
Reuters reported that global oil markets reacted after US forces struck Iranian missile launchers on Larak Island in the Strait of Hormuz, prompting Tehran to launch retaliatory military action. The exchange has heightened fears of a wider regional conflict that could disrupt commercial shipping through the Gulf.
Brent crude and US West Texas Intermediate (WTI) futures both gained more than $1 a barrel as traders priced in the risk of supply d...