Oil prices rise on Iran supply risks and war concerns
Brent crude rose to $110 as Iran supply fears offset reports of U.S. sanctions waivers. The IEA warned of falling inventories due to the Strait of Hormuz closure.
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Brent Crude Oil rose 0.8% to $110.13 a barrel on Monday as supply fears from the Iran conflict persisted. Both global benchmarks gained more than 7% last week following the near-total closure of the Strait of Hormuz. Continued disruption threatens to trigger global interest rate hikes and downward revisions to major economy growth forecasts.
