Oil prices rise after Trump claims US ‘totally demolished’ Iran’s Kharg Island export hub

Another weekend of violence compounded global market concerns over war in the Middle East, following US strikes on the vital oil hub

Oil prices have climbed again amid mounting supply fears after the US struck Iran’s vital Kharg Island oil hub and Donald Trump demanded allies help reopen the strait of Hormuz.

Brent crude, the international benchmark, rose 1.8% to $104.98 per barrel during early trading on Monday. Another weekend of violence across the Middle East compounded concerns over the conflict, and its ramifications for global energy markets.