Oil Prices Soar as US-Iran Conflict Escalates Again

Oil prices surged more than 2.5% on Monday as the US and Iran resumed military attacks, reigniting concerns about global supply disruptions.

The conflict, which has been ongoing for six months, led to a significant increase in oil prices with Brent crude futures settling up $2.39 or 2.71% to $90.49 a barrel and US West Texas Intermediate crude settling up $2.36 or 2.83% to $85.76.

US President Donald Trump vowed to 'hit them hard' after Iran launched missiles at two US air bases in Jordan, prompting concerns about potential supply disruptions.

The market is closely watching whether the situation will de-escalate, with mediators seeking a deal to reopen the Strait of Hormuz, through which 20% of global oil supplies pass.