Oil up more than 2% as renewed US-Iran strikes stoke supply fears

Efforts by mediators including Qatar and Oman to broker a deal to reopen the Strait of Hormuz, which carried about a fifth of global oil and LNG supplies before the war erupted in late February, have so far proven inconclusive.

"Fresh hostilities between the U.S. and Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz," said Saxo Bank analyst Ole Hansen, adding that a lack of follow-through buying suggests the market is betting on supply not being disrupted more than it is already.

Two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other on Monday while crossing the Strait of Hormuz.

The number of visible commodity vessels transiting the Strait of Hormuz held at about five per day on Monday, below the 10-day average of about 14, Kpler shipping data showed. None of the five ships were liquid tankers.