HOUSTON: Oil prices gained more than two per cent on Monday after attacks by the US and Iran underscored the fragility of their interim peace deal, while cautious hopes of a continued recovery in energy shipping through the Strait of Hormuz limited gains.
Brent crude futures were up $1.18, or 1.64pc, at $73.17 a barrel by 1:35 p.m. EDT (1735 GMT). US West Texas Intermediate crude gained $1.69, or 2.44pc, to $70.92.
Brent crude fell 10.6pc last week in a third consecutive weekly decline after crude shipments through the Strait of Hormuz rose to their highest since the US-Israeli war on Iran began in late February.
Outbound Persian Gulf crude exports are quickly rebounding to at least 75pc of pre-war levels, Gelber & Associates analysts said in a note on Monday.
However, analysts cautioned that traffic through the strait is far from being fully recovered, helping keep prices somewhat elevated.
