Rising oil prices, affected by concerns over supply disruptions

Amid concerns over supply disruptions triggered by the US-Iran conflict, oil prices rose in early trading. US President Trump reiterated the threat to Iran at the White House on Monday. Trump said that if a deal cannot be reached with Iran to end the war and open the Strait of Hormuz, "they will have no bridge. They will have no power plants." Meanwhile, Saudi Arabia announced that it intercepted seven ballistic missiles targeting its oil-rich eastern region, with missile debris falling near energy facilities. West Texas Intermediate crude futures for the near month rose 1.1% to $113.64 per barrel, while Brent crude futures for the near month rose 0.4% to $110.25 per barrel.