Oil Prices Soar Above $90 as Middle East Tensions Escalate

Global oil prices surged on Monday due to heightened tensions in the Middle East after US strikes on Iran and retaliatory attacks by Tehran. Brent crude rose nearly 3% to above $90 a barrel, while US West Texas Intermediate (WTI) crude gained more than 2.5%. The increase was driven by a US strike on two missile-launch systems on Iran's Larak Island in the Strait of Hormuz on Sunday.

Tehran subsequently launched attacks on two US air bases in Jordan, according to the country's Revolutionary Guards. The conflict has raised concerns over supply disruptions and potential impacts on global energy markets.

Analyst Tony Sycamore at IG Markets said that WTI could break through the resistance level of $85.80-$85.90 a barrel if the conflict intensifies, potentially pushing prices towards last week's high of $87.69 and July's peak of $93.50.