Commodities
Oil Prices Soar on Escalating US-Iran Tensions
Oil prices surged over 2.5% higher on Monday as tensions between the US and Iran escalated, leading to concerns about global supply disruptions.
The price of Brent crude rose to $90.49 a barrel, its highest since August 25, while WTI crude increased by 2.83% to $85.76 per barrel.
US President Donald Trump vowed to 'hit them hard' after Iran launched missiles at two US air bases in Jordan, prompting fears of further military action and potential disruptions to global oil supplies.
The situation is complicated by the ongoing conflict between the two nations, which has now extended into its sixth month. The Strait of Hormuz, through which a fifth of global oil supplies pass, remains closed due to the war, tempering the rally in oil prices.