London/Hong Kong —
Oil prices rose Monday after the United States and Iran threatened fresh attacks on energy facilities in the Middle East, including power plants, signaling that the conflict may yet escalate.
As the war entered its fourth week, the International Energy Agency (IEA) also said Monday that the reduction of global oil supply from the closure of the Strait of Hormuz was larger than the loss caused by the oil shocks of the 1970s.
Brent crude, the global oil benchmark, gained 1% to trade at $113 a barrel. WTI, the US benchmark,
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