Oil prices rise further in the world market

International oil prices climbed more than 3% on Monday as renewed military tensions between the United States and Iran fueled concerns over potential disruptions to global crude supplies.

According to Reuters, Brent crude futures rose $2.69, or 3.05%, to $90.79 per barrel, the highest level since June 11. Brent prices had already gained 15.9% last week, marking their largest weekly increase since April.

U.S. West Texas Intermediate (WTI) crude also advanced, rising $2.19, or 2.65%, to $84.68 per barrel, its highest level since June 12. WTI posted a 15.5% weekly gain last week, the strongest increase since early March.

The latest rally comes as tensions in the Middle East intensified over the weekend. The United States reportedly carried out a ninth consecutive night of strikes on Iranian targets, while U.S. allies Kuwait and Bahrain also reported new Iranian attacks.

The conflict has heightened concerns over shipping through the Strait of Hormuz, a critical maritime route that handles roughly one-fifth of the world's seaborne oil trade. The United States said it has imposed a naval blockade on Iranian ports, while Iran stated it is targeting vessels that violate navigation rules in the strategic waterway.

Separately, the United Kingdom Maritime Trade Operations (UKMTO) reported that a vessel caught fire northwest of Kumzar, Oman, early Monday, adding to concerns over regional maritime security.

Barclays analyst Amarpreet Singh said it will become clearer in the coming days whether renewed restrictions will significantly affect oil exports from the region. He also noted that the market may still be underestimating the risk of supply disruptions, particularly as global crude inventories remain near five-year lows.

Data from LSEG showed that only four ships transited the Strait of Hormuz on Sunday, down from eight the previous day, reflecting growing caution among shipping operators.