0756 GMT - Oil prices edge higher in early trade, adding to last week's surge as Israel and Iran exchange strikes for a fourth day. Brent crude gains 0.2% to $74.40 a barrel, while WTI advances 0.4% to $73.23 a barrel. "The nature of the attacks by both sides over the weekend suggests risks to the oil market have escalated," ANZ Research says. Strikes targeting Iran's energy infrastructure--including fuel depots and a major oil refinery--have heightened concerns for global energy markets. But the greatest worry is the potential disruption of flows through the Strait of Hormuz, a vital shipping chokepoint. "The main issue the market will have to watch for is whether Iran's retaliation broadens outside of Israel to disrupt oil flows in the Persian Gulf's Strait of Hormuz," according to ANZ. "Over 17 million b/d of oil supply transiting the Strait would be at risk." (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
June 16, 2025 03:57 ET (07:57 GMT)
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