Oil prices climbed during early trading hours following US strikes on Iran and Tehran's weekend announcement that it was once again closing the Strait of Hormuz, a critical route for global oil and gas shipments.
The price of Brent crude, the international benchmark, for September delivery rose 3.75 per cent to $78.86 a barrel at around 1:10am after Asian markets opened.
Meanwhile, West Texas Intermediate (WTI), the US benchmark crude for August delivery, was up 3.65 per cent at $74.02 a barrel.
The gains came amid growing concerns over energy supplies after escalating tensions between Washington and Tehran and Iran's renewed closure of the Strait of Hormuz, through which a significant share of the world's oil trade passes.
Source: CNA
