Middle East Conflict Drives Oil Prices Skyward Amid Global Economic Concerns

Oil and gas prices surged on Monday after Israeli and U.S. strikes on Iran forced shutdowns of oil and gas facilities across the Middle East.

The Strait of Hormuz, a crucial waterway for global oil supplies, has seen hundreds of ships drop anchor in recent days.

Brent crude futures rose as much as 13% to $82.37 a barrel before retreating to trade up $5.56, or 7.6%, at $78.43 a barrel by 1055 GMT.

European gas benchmark prices also rose more than 25% at peak, while U.S. West Texas Intermediate crude climbed to an intraday high of $75.33.

Analysts expect Brent to trade between $80 and $90 a barrel this week amid the ongoing conflict, with some predicting that retail gasoline prices in the U.S. may break above $3 a gallon.