Crude oil climbed toward $85 per barrel on Monday, extending last week's gains as escalating hostilities between the US and Iran raised fears of further disruptions to oil flows from the Middle East.

Iran declared that its ceasefire with the US had effectively collapsed and said over the weekend that it intercepted four vessels transiting the Strait of Hormuz.

Meanwhile, the US military reported the death of a third US service member in the past two days amid ongoing exchanges of attacks with Tehran.

The conflict has also expanded beyond military targets, with bridges, utilities, and port facilities coming under attack.

Kuwait Petroleum Corp.

said an Iranian strike hit one of its oil facilities on Saturday.

Oil prices have now surged nearly 30% from their July lows as the interim peace agreement between the US and Iran unraveled, the US resumed its blockade of Iranian ports, and Tehran intensified attacks on ships near the Strait of Hormuz. 

Source: Trading Economics 

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