India, June 29 -- Partially offsetting the losses from Friday's session, crude oil prices have surged on Monday as vessel traffic across the Strait of Hormuz dropped due to safety threats following mutual U.S.-Iran attacks over the weekend.
WTI Crude Oil for August month delivery was last seen trading up by $1.36 (or 1.96%) at $70.59 per barrel.
The signing of a Memorandum of Understanding between the U.S. and Iran on January 17 to halt their mutual attacks for a 60-day period paved the way for the immediate reopening of the Strait of Hormuz.
For comments and feedback contact: editorial@rttnews.com
Published by HT Digital Content Services with permission from RTT News....