Oil Prices Rise Amid US-Iran Tensions and Strait of Hormuz Disruptions

Kathmandu. Due to the attacks and counter-attacks between America and Iran, instability has again been seen in the oil market . The price of oil increased in the international market on Monday after the increased tension in West Asia exposed the weakness of the interim peace agreement between the two countries.

Due to this tension, fuel transportation through the Strait of Hormuz has slowed down again. In Monday's trading, Brent crude rose by 58 cents, or 0.8 percent, to $72.57 a barrel, while US West Texas Intermediate (WTI) crude rose by 88 cents, or 1.3 percent, to $70.11 a barrel.