Ankara: Oil prices rose on Monday as Brent crude climbed above $72 per barrel, recovering from four-month lows after renewed US-Iran tensions around the Strait of Hormuz revived supply concerns. International benchmark Brent increased by 0.6% to approximately $72.5 per barrel as of 1020GMT, driven by concerns over commercial shipping following a series of retaliatory attacks near the critical waterway.

According to Anadolu Agency, US and Iranian officials are set to discuss the Strait of Hormuz and other issues aimed at ending the conflict. Tehran, however, stated that the talks are not confirmed. The latest escalation began after Iran targeted a container ship, prompting US strikes. Washington subsequently launched another round of attacks after Tehran struck a tanker carrying Qatari oil. The rise in prices was limited after both sides agreed to halt further strikes ahead of talks expected in Doha.

The Strait of Hormuz, located between Iran and Oman, is one of the world's most critical energy routes, carrying about a fifth of global oil and liquefied natural gas trade. Shipping activity through the waterway has improved since the US and Iran reached an interim peace agreement, but shipowners remain cautious as security risks persist and many vessels are still delayed in the Persian Gulf.