Brent | Pakistan

Brent oil prices rose two per cent to more than $90 per barrel on Monday, as escalating US-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz. Brent crude futures LCOc1 climbed $2.09, or 2.37pc, to $90.19 by 0241 GMT, touching the highest since June 11, extending gains after rising 15.9pc last week, its biggest weekly gain since April. US West Texas Intermediate crude CLc1 was at $84.20 a barrel, up $1.71, or 2.07pc, the loftiest since June 12. Front-month prices gained 15.5pc last week, the largest weekly ascent since early March. The Middle East conflict escalated over the weekend with the US conducting a ninth straight night of attacks against Iran, while US allies Kuwait and Bahrain reported more Iranian strikes. “ICE Brent broke above $90 per barrel this morning with no let-up in the escalation in the Gulf,” said ING analysts in a note on Monday. “The US and Iran continue to exchange strikes, which are proving to be deadly for both sides. If this escalation goes unc...