Oil prices opened higher today after the Easter holiday as the U.S.-Israeli conflict with Iran continued to disrupt global oil supply.
Brent crude futures climbed 2.2 percent to 111.43 US dollars per barrel, while US crude climbed 2.7 percent to 114.57 US dollars per barrel by 2215 GMT (Greenwich Mean Time).
Investor concerns have been amplified by US President Donald Trump’s latest warning that Washington could target Iran’s power plants and bridges if Tehran does not reopen the strategic waterway. Iran has so far shown no signs of backing down, continuing strikes on energy infrastructure across the region.
While oil surged on supply fears, gold prices moved in the opposite direction. Bullion fell as much as 1.3 per cent in early trading after dropping 1.7 per cent in the previous session, reflecting pressure from rising energy prices and a stronger US dollar.