Oil prices have extended their gains as renewed strikes between the US and Iran on ships transiting the Strait of Hormuz raise concerns of prolonged supply disruptions, according to Reuters.

Brent crude futures climbed 0.54% to $ 96.80 a barrel, while West Texas Intermediate crude rose 0.72% to $ 92.14 a barrel, it said.

The gains come after Iran claimed attacks on three US-affiliated vessels and three oil tankers using an ‘unauthorised’ route in the Strait of Hormuz. Tehran said the strikes were in response to US attacks that destroyed three Iranian crude oil tankers.

Since the US-Israel war on Iran began on 28 February, the price of Brent crude has risen more than 30%.

MNA