Oil up 3% after Iran attacked US warship

Oil prices rose over 3% on Monday after Iran struck a US warship and forced it to turn back from entering the Strait of Hormuz.

News ID: 2003165

Brent crude futures were up $3.64, or 3.4%, at $111.81 a barrel by 1124 GMT, having settled down $2.23 on Friday. U.S. West Texas Intermediate was up $3.40, or ⁠3.3%, at $105.34 a barrel, after a $3.13 loss on Friday, Reuters reported.
Local Iranian media reported on Monday citing local sources that it had struck a U.S. warship intending to pass through the Strait and forced it to turn back.
Prices were already trading up in the session on continued disruptions to oil supplies through the strait.
"The path for prices remains skewed to the upside as long as flows through the Strait remain restricted," UBS analyst Giovanni Staunovo said, according to Reuters. /mehr