Oil rises more than 2% after Iran seizes British tanker

Oil prices rose more than 2 per cent on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.

Brent crude futures climbed $1.41, or 2.26 per cent, to $63.88 a barrel by 0840 GMT. West Texas Intermediate (WTI) crude futures were up $1.13, or 2.03 per cent, at $56.76 a barrel. Last week, WTI fell over 7 per cent and Brent lost more than 6 per cent.

Tensions surrounding Iran “have likely added to the already strong geopolitical risk premium”, JBC Energy said in a note.