Crude oil prices rise amid escalating US-Iran war, supply fears; Brent above $70 per barrel

Crude oil prices edged higher on Monday as renewed US-Iran military strikes revived concerns over supply disruptions from the Middle East. Brent crude gained 0.36 percent to 72.25 dollars per barrel while WTI rose 0.71 percent to 69.72 dollars a barrel. Talks to resolve the conflict have been put on hold after Washington struck Iranian military targets, with tensions escalating around the Strait of Hormuz where a VLCC carrying around 2 million barrels was hit, slowing oil and gas shipments through the strategic waterway.