'Investors need to carefully watch the developments in Strait of Hormuz,' one analyst wrote, as a fifth of global oil supply passes through it.
Oil prices surged on Monday as traders braced for potential supply disruptions following Iran's seizure of a British-flagged oil tanker last week. West Texas Intermediate and Brent crude prices rose more than 2% after Iran seized the Steno Impero and signaled it wouldn't let go of the vessel until the UK released an Iranian-flagged ship it seized earlier this month.
Oil prices surged on Monday as traders braced for potential supply disruptions following Iran's seizure of a British-flagged oil tanker last week. West Texas Intermediate and Brent crude prices rose more than 2% after Iran seized the Steno Impero and signaled it wouldn't let go of the vessel until the UK released an Iranian-flagged ship it seized earlier this month.
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