JAKARTA - Oil prices have risen again as the attacks between the United States (US) and Iran have deepened concerns about Iran's statement on the closure of the Strait of Hormuz.
As reported by CNN, Monday, July 13, Brent crude, the global oil price benchmark, rose 3.60% to $78.7 per barrel, up from its recent low of around $70 per barrel.
WTI, the benchmark for US oil prices, rose 3.50% to $73.92 a barrel.
Current oil prices are still far below the peak wartime prices that once exceeded $120 per barrel for Brent.
The action of mutual attack between the US and Iran is increasingly centered on the Strait of Hormuz. Iran claims that the waterway is practically closed and warns ships not to cross it.
While US officials insist the route remains open and they are actively escorting commercial ship traffic, Deutsche Bank analysts wrote in a note on Monday.
"Reports of damage to ships, interception of missiles and drones, as well as attacks on military locations and energy facilities in the Gulf region confirm the increasing scope of the conflict," the analyst continued.
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