Baghdad: Oil prices continued their rise on Monday, amid growing concerns about a prolonged disruption to Middle East supplies due to the tit-for-tat attacks between the United States and Iran on ships in the Strait of Hormuz and other areas.

According to National Iraqi News Agency, Brent crude futures rose 77 cents, or 0.80%, to $97.05 a barrel by 04:12 GMT, while US West Texas Intermediate crude rose 79 cents, or 0.86%, to $92.27 a barrel.

The escalation in hostilities has had a significant impact on oil prices, with Brent crude rising 7.8% last week and US West Texas Intermediate gaining about 10%. The renewed attacks between the US and Iran have led to a decrease in oil flows through the Strait of Hormuz, a crucial channel that previously accounted for a fifth of the world’s oil supply before the conflict intensified.