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July 13 (Reuters) - Oil prices surged more than 2% on Monday after renewed military strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz.
Brent crude futures were up $1.67, or 2.2%, to $77.68 at 0955 GMT, while U.S.
West Texas Intermediate crude was up $1.59, or 2.23%, to $73.00 a barrel.
"The focus will remain on the number of inbound tankers as a lower number could impact production, so currently we see a risk premium but as well a disruption risk supporting prices," said UBS analyst Giovanni Staunovo.
and Iranian strikes over the weekend fueled fears of a renewed escalation.
facilities across the Gulf on Sunday and said it had again closed the Strait of Hormuz.
Iran's Revolutionary Guards said on Monday they had attacked U.S.
Before the conflict began in late February, the Strait of Hormuz handled about one-fifth of global daily oil and liquefied natural gas supplies.
"Shipping operators are adopting a cautious approach and inbound movements have slowed under heightening security concerns," ANZ analysts said.
Vessel traffic through the strait fell to a five-week low on Sunday, ship-tracking data showed.
Six vessels transited the strait on Sunday, according to Kpler.
The escalating attacks cast doubt on the future of an interim U.S.-Iranian agreement signed last month that aimed to reopen the strait and end the war after a further 60 days of negotiations.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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