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Commodities

Middle East Tensions Fuel Oil Price Surge

Guavy AI Editorial Team
Instruments
Oil
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Singapore's oil markets saw significant gains on Monday as Brent crude futures rose over 3% amid ongoing tensions in the Middle East.

The conflict over the Strait of Hormuz, a crucial waterway for global oil supplies, continues to escalate and is putting upward pressure on oil prices.

Brent crude futures surged $3.43, or 3.29%, to reach $107.75 a barrel, while US West Texas Intermediate (WTI) crude saw a smaller gain of $2.14, or 2.32%, to trade at $94.55 a barrel.

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