Crude Prices Soar as US-Iran Tensions Escalate

Crude oil prices surged on Monday as escalating tensions between the US and Iran deepened concerns about Middle East supply disruptions.

Brent crude oil gained $1.20, or 1.25 percent to $97.48 per barrel by 08:27 a.m., while US West Texas Intermediate crude rose $1.14, or 1.25 percent to $92.62 per barrel.

The sharp rally was fueled by renewed hostilities between Washington and Tehran, which disrupted shipping through the Strait of Hormuz.

An average of just 10 commodity vessels per day crossed the strait over the past 10 days, marking the lowest level since May, according to data from Kpler.