Oil Prices Soar on Trump's Iran Escalation Warning

Oil prices surged on Monday as markets reacted to President Donald Trump's warning that Washington could pursue a broader military escalation against Iran, raising fresh concerns over the conflict and energy shipments through the Strait of Hormuz.

Brent crude, the international oil benchmark, advanced 5% to $87.7 per barrel at 2005 GMT, its strongest level in almost two weeks, while US West Texas Intermediate also gained 5.1%, reaching $82.2 a barrel.

The rise marked a fourth straight session of gains for Brent as traders weighed the possibility of further military action and the risk that disruptions around the strategic waterway could persist.