The fragile ceasefire between the United States and Iran has come under renewed pressure after a series of incidents in the Strait of Hormuz triggered fresh military exchanges and raised fears of a wider regional conflict.
Global oil prices moved higher at the start of the week after renewed geopolitical tensions in the Middle East triggered concerns over energy supplies. Brent crude rose above $81 per barrel, while West Texas Intermediate (WTI) traded near $79, following reports that Iran had once again closed the strategically important Strait of Hormuz.
