Crude oil rose above $92 per barrel on Monday, extending a roughly 10% gain from last week as exchanges of strikes between the US and Iran heightened concerns about prolonged disruptions to energy flows from the Middle East. The US targeted three Iranian oil tankers over the weekend in retaliation for ballistic missile attacks on US Navy warships. Tehran responded by saying it would establish a new restricted zone outside the Strait of Hormuz, including a US Navy blockade line and extending into parts of the Persian Gulf. US Energy Secretary Chris Wright said the US would maintain its naval presence in the region, including the blockade intended to curb Iranian oil exports and support the safe passage of commercial vessels through Hormuz. The fighting resumed last week after roughly a month of relative calm, prompting markets to reassess geopolitical and supply risks.