Doha: Oil prices rise following days of tit-for-tat strikes by the US and Iran. Brent crude futures climb 58 cents, or 0.8 percent, to $72.57 a barrel, while US West Texas Intermediate crude was at $70.11 a barrel, up 88 cents, or 1.3 percent.

According to Qatar News Agency, Brent crude experienced a significant decline of 10.6 percent last week. This marked its third consecutive weekly drop, attributed to increased crude shipments through the strait, which reached their highest level since the conflict in the Middle East began in late February. The recent military exchanges between the US and Iran have added volatility to the oil markets, affecting global oil prices.

The renewed military actions in the Middle East have led to speculations about potential disruptions in oil supply routes. The region remains a critical artery for global oil shipments, and any instability tends to impact market dynamics quickly. The rise in crude prices reflects market concerns over the security of oil transport through this vital corridor.