il prices traded higher on Monday as renewed military tensions between the United States and Iran revived concerns over potential disruptions to crude supplies from the Middle East.

As of 9:30am PST, Brent crude futures gained $0.48 (0.67%) to $72.47 per barrel, while West Texas Intermediate (WTI) crude futures rose $0.84 (1.21%) to $70.07 per barrel.

Market sentiment turned cautious after a commercial tanker was reportedly struck in the Strait of Hormuz over the weekend, prompting the United States to launch strikes on Iranian missile and drone storage facilities as well as coastal radar installations.

Regional tensions also intensified after Kuwait and Bahrain reported incoming missiles and drones overnight, raising concerns over the security of energy infrastructure and shipping routes in the Gulf.

Meanwhile, US President Donald Trump warned Iran of severe consequences, stating that American forces had targeted Iranian positions following what he described as another violation of the ceasefire agreement, adding that Washington could be forced to "militarily complete the job" if hostilities continue.

The latest developments have renewed concerns over the stability of global oil supplies, particularly through the Strait of Hormuz, one of the world's most critical energy shipping routes.