Oil prices rise as Brent climbs to $72.49

LONDON, Jun 29 (WAM/APP):Oil prices opened the week higher on Monday, with both Brent crude and US West Texas Intermediate (WTI) posting gains.

Brent crude futures rose 50 cents, or 0.69 percent, to $72.49 a barrel by 2204 GMT, while US WTI crude futures gained 73 cents, or 1.05 percent, to $69.96 a barrel.

Oil prices were supported by renewed concerns over supply disruptions following fresh military exchanges between the United States and Iran, which heightened uncertainty over shipping through the Strait of Hormuz.