Oil prices remained firmly higher on Monday despite retreating from an early rally of almost 5%, with investors continuing to assess the potential impact of renewed military tensions between the U.S. and Iran on global crude supplies.
Both Brent and West Texas Intermediate (WTI) futures eased from session highs but continued to trade well above Friday's close as concerns over the Strait of Hormuz remained at the forefront of energy markets.
At 03:43 ET (07:43 GMT), Brent crude futures were up 3.5% at $78.68 per barrel, while WTI crude futures gained 3.5% to $73.89 per barrel.
The contracts had climbed close to 5% earlier in the day after geopolitical tensions intensified over the weekend.
Iran announced that the Strait of Hormuz had been closed after a commercial vessel was struck, increasing concerns over disruptions to one of the world's most important oil export routes. Although Washington disputed Tehran's claims, U.S. President Donald Trump said commercial vessels continued to move through the Strait under U.S. protection.
