Oil prices edged higher following renewed military strikes between the United States and Iran, which reignited concerns over crude supplies from the Middle East. Prices had already inched up Sunday evening, while S&P 500 futures remained little changed.
The market volatility followed a flare-up that saw a supertanker carrying Qatari crude hit near the Strait of Hormuz. These tit-for-tat strikes disrupted the key waterway.
Brent crude jumped as much as 1.9 per cent to US$73.39 a barrel before paring some gains. Oil rose further after a report that the US and Iran have agreed to stop attacking each other, marking a return to normality in the waterway.