Oil gains amid US-Iran Strait tensions

Oil prices rose by more than 1% following escalating tensions between the United States and Iran and mutual attacks between the two countries, with ongoing risks to shipping through the Strait of Hormuz. This was reflected in Brent contracts increasing by 1.64% to $73.17 per barrel, and West Texas Intermediate crude rising by 2.44% to $70.92. Despite a rebound in Gulf oil exports, security risks continue to impact maritime movement, and oil prices remain susceptible to fluctuations.

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