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Crude oil rose toward $92 per barrel on Monday, extending last week’s gains as the US and Iran exchanged strikes in the Middle East, fueling concerns over prolonged disruptions to energy flows from the region. The US targeted three Iranian oil tankers over the weekend in retaliation for ballistic missile attacks on US Navy warships. In response, Tehran attacked oil tankers and other vessels linked to the US and would introduce a “restricted” maritime zone beyond the Strait of Hormuz in the coming days. Meanwhile, US Energy Secretary Chris Wright said the US would maintain its naval presence in the Middle East, including the blockade designed to curb Iranian oil exports and help ensure the safe passage of commercial vessels through Hormuz. Fighting between the two sides resumed last week after roughly a month of relative calm, pushing oil prices about 10% higher as markets reassessed geopolitical and supply risks.
