(REUTERS)
Oil prices rose sharply on Monday as renewed tensions between the United States and Iran rattled markets.
Brent crude for June delivery traded more than 7% higher than the previous week at $97 a barrel, while US benchmark West Texas Intermediate (WTI) posted similar gains. At the start of the escalation in late February, Brent had traded below $70.
The rally came after heightened tensions in the Strait of Hormuz, where the US Navy seized an Iranian vessel on Sunday.
The incident marks a further deterioration in relations between Washington and Tehran, coming just days before the expiry of a temporary ceasefire agreement.