Oil prices have risen by more than $1 per barrel following an escalation in tensions between the United States and Iran in the Strait of Hormuz.
Reuters reported on Monday, August 31, that following the US attack, Tehran also took retaliatory action in response.
According to the report, the developments have raised concerns about the security of shipping and oil transportation through the strategic Strait of Hormuz.
Oil prices are rising as the conflict in the Middle East enters its sixth month, with global markets concerned about the possibility of further escalation and disruptions to energy supplies.
