The latest escalation came on Saturday when U.S. forces struck three Iranian oil tankers, according to U.S. Central Command. One of the vessels was hit off the coast of Kharg Island, near Iran's key oil export hub.

Brent crude futures climbed 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT while U.S. West Texas Intermediate crude was at $92.14 a barrel, up 66 cents, or 0.72%.

Oil prices experienced a significant rise on Monday, following a spike in tensions between the US and Iran. The US struck three Iranian oil tankers in a bold move, while Iran…

Tanker attacks in Strait of Hormuz spark fears of wider supply disruption