Global oil prices jumped sharply on Monday, rising by nearly 30% as military tensions in the Middle East increased and markets reacted to fears about energy supplies.
Data from the markets showed that Brent crude rose by 27.54%, reaching about $118.22 per barrel. At the same time, West Texas Intermediate climbed by 30.04%, also hitting around $118.21 per barrel.
Economists say the sudden spike is mainly driven by concerns about global oil supply after reported military strikes by the United States and Israel targeting Iran.
The situation has created uncertainty in global trading markets, with investors worried that the conflict could disrupt oil production or shipping routes in the region. Because the Middle East is a major supplier of energy to the world, any instability there can quickly push oil prices higher.
