Another weekend of violence compounded global market concerns over war in the Middle East, following US strikes on the vital oil hub
Oil prices have climbed again amid mounting supply fears after the US struck Iran’s vital Kharg Island oil hub and Donald Trump demanded allies help reopen the strait of Hormuz.
Brent crude, the international benchmark, rose 1.8% to $104.98 per barrel during early trading on Monday. Another weekend of violence across the Middle East compounded concerns over the conflict, and its ramifications for global energy markets.
The US president claimed on Saturday that US strikes had “totally demolished” most of Kharg Island, telling NBC News that its military may hit site “a few more times just for fun”.
Kharg, a five-mile-long coral island in the Persian Gulf 27 miles from the mainland, is a key processing hub for Iran, through which 90% of the country’s oil exports typically flow.
