Oil Prices Soar as US-Iran Tensions Escalate

Oil prices surged by more than 2.5% on Monday as tensions between the US and Iran escalated, prompting concerns about potential disruptions to global oil supplies.

Brent futures rose $2.39, or 2.71%, to $90.49 a barrel, while US WTI crude gained $2.36, or 2.83%, to $85.76 a barrel.

The price surge came after an exchange of military strikes between Washington and Tehran, with the conflict entering its sixth month.

US President Donald Trump reportedly said 'we will hit them hard,' suggesting a tough response to Iran's attacks on US air bases in Jordan.