Middle East Tensions Send Brent Crude to Nearly $90 a Barrel

Global oil prices surged on Monday amid escalating tensions in the Middle East. Brent crude rose by 1.6% to reach nearly $90 a barrel, according to Bloomberg.

The increase in oil prices accelerated after a US military strike hit Iranian missile installations, which were allegedly preparing to drop mines in the Strait of Hormuz.

Meanwhile, Asian stock markets opened lower on Monday, with the MSCI Asia-Pacific Index falling 0.8% and South Korea's Kospi losing over 3%.