Oil Prices Soar to 2022 High as Middle East Conflict Intensifies

Oil prices surged to their highest level since mid-2022 on Monday, reaching over $119 a barrel, due to concerns over supply disruptions caused by the expanding U.S.-Israeli war with Iran.

The price jump was driven by fears of prolonged shipping disruptions through the Strait of Hormuz, which accounts for one-fifth of the world's oil and liquefied natural gas exports.

Brent crude futures rose 14% to $105.71 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 13% to $103.06.

The Strait of Hormuz has been virtually shut, and suppliers are facing damaged facilities, disrupted logistics, and elevated risks to shipping due to the conflict.