Oil prices rise as US-Iran tensions disrupt shipping Oil prices rose after several days of tit-for-tat strikes between the United States and Iran disrupted shipping through the Strait of Hormuz and renewed concerns about global energy supplies. Brent crude futures gained 58 cents, or 0.8 percent, to $72.57 a barrel by 02:07 GMT, while US West Texas Intermediate crude rose 88 cents, or 1.3 percent, to $70.11 a barrel. The increase followed a sharp decline last week, when Brent fell 10.6 percent as crude shipments through the strategic waterway climbed to their highest level since the US-Israel war on Iran began in late February.