Middle East Tensions Send Crude Oil Prices Soaring

Crude oil futures surged over 4% on Monday after a series of events raised concerns about global supply. The price jump comes as Persian Gulf countries cancelled a planned meeting with Iran to discuss reopening the Strait of Hormuz, a critical waterway for oil exports.

The cancellation was prompted by Iran-backed Houthi militants in Yemen firing dozens of missiles, increasing tensions in the region. With key Saudi ports already facing disruptions, this latest development has sparked fears about the security of global oil supply chains.

The United States Oil Fund LP ETF (USO) rose significantly as a result of the price increase, but no specific figures were mentioned in the source for USO's exact gain.