Doha: Oil prices were up more than $2 a barrel on Monday after eroding hopes for an end to the wider war and a restart to crude flows through the Strait of Hormuz. US crude futures were up $2.10, or 2.32%, at $92.64 per barrel, while Brent crude futures rose $2.33, or 2.5%, to $95.42 a barrel.

According to Qatar News Agency, the rising tensions in the region have significantly impacted the oil markets, as traders remain concerned about the potential for prolonged disruptions in crude supplies. The Strait of Hormuz, a crucial passageway for global oil transportation, continues to be a focal point amid the ongoing conflict.

The increase in oil prices reflects the uncertainty surrounding geopolitical developments, with market participants closely monitoring the situation for any signs of resolution or escalation. The current conditions underscore the vulnerability of global oil markets to regional instability, contributing to the volatility in pricing.