Oil prices rise as US-Iran strikes raise supply disruption concerns

Oil prices extended their gains on September 7 as renewed tit-for-tat strikes between the United States and Iran targeting vessels in the Strait of Hormuz and other areas heightened concerns over a prolonged disruption to Middle Eastern oil supplies.

Brent crude futures rose 79 cents, or 0.82%, to $97.07 a barrel by 0512 GMT, while US West Texas Intermediate (WTI) crude gained 80 cents, or 0.87%, to $92.28 a barrel, Reuters reports.

Brent surged 7.8% last week, while WTI gained nearly 10%, after the United States and Iran resumed attacks that reduced oil flows through the Strait of Hormuz.

The strategic waterway has historically carried about one-fifth of the world's oil supply, making disruptions there a major concern for global energy markets.

By Sabina Mammadli