Global oil prices jumped by nearly 3% on Monday as tensions in the Middle East continued to rise, increasing fears about possible disruptions to oil supplies moving through the Strait of Hormuz.
Brent crude oil climbed $2.34, or 3.08%, closing at $78.35 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude gained $2.21, or 3.09%, reaching $73.62 per barrel.
The sharp rise came as the conflict between the United States and Iran intensified, with both sides expanding their military actions to areas linked to key interests in the Gulf region. As a result, investors became more concerned about the security of the Strait of Hormuz, one of the world’s most important routes for oil shipments.
With uncertainty growing over the safety of shipping in the region, global energy markets reacted quickly, pushing oil prices higher as traders worried about potential supply disruptions.
