Strait of Hormuz closure disrupts Middle East oil exports, refiners seek alternatives
Trump threatens further action if Strait remains closed
Iran allows passage for select vessels
OPEC+ agrees modest output rise, war limits actual increases; Russian supply also disrupted
Oil prices climbed on Monday on continuing fears of supply losses because of shipping disruptions in the key Middle East producing region from the U.S.-Israeli war with Iran.
Brent crude futures LCOc1 rose $1.71 (Sh221.96), or 1.6 percent, to $110.74 (Sh14,374.05) a barrel by 3:57am. US West Texas Intermediate crude CLc1 futures gained $0.71 (Sh92.16), or 0.6 percent, to trade at $112.25 (Sh14,570.05) per barrel.
