Commodities
Middle East Tensions Send Oil Prices Soaring
Oil prices surged by more than 2% on Monday following US and Iranian strikes in the Strait of Hormuz. The conflict, now in its sixth month, has left markets on high alert.
Brent crude futures rose to $90.45 a barrel, while U.S. West Texas Intermediate crude climbed to $85.71. This marks Brent's highest level since August 25.
US forces targeted two launchers on Iran's Larak Island in the Strait of Hormuz over the weekend, prompting Tehran to retaliate with strikes on two US air bases in Jordan, according to Iranian media.
Goldman Sachs has heightened its warning about diesel fuel amid ongoing wars, which have driven oil prices higher. Markets are now focused on whether the situation will de-escalate, said UBS analyst Giovanni Staunovo.