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Oil prices bounce back on Iran war escalation

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Both main oil contracts recovered a large part of Friday's losses on fresh worries over the Middle East crisis

Both main oil contracts recovered a large part of Friday's losses on fresh worries over the Middle East crisis

Oil prices surged Monday on a re-escalation of hostilities in the Middle East war after Iran closed the Strait of Hormuz at the weekend, just a day after reopening it, citing the United States' blockade of its ports.

However, lingering hopes that a deal to end the seven-week crisis continued to support equities, even as Tehran said it was not currently planning to attend peace talks.

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Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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