Oil Prices Soar to 2022 Highs Amid Middle East War Fears

Oil prices have surged to their highest level since July 2022, hitting over $119 a barrel on Monday due to concerns about supply disruptions and prolonged shipping issues resulting from the ongoing US-Israeli war with Iran.

The Brent crude futures price jumped by 14% to reach $105.71 per barrel at 0917 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 13% to $103.06. The prices had earlier hit a high of $119.50 a barrel for Brent and $119.48 a barrel for WTI.

The Strait of Hormuz, through which about one-fifth of the world's oil and liquefied natural gas passes, is virtually shut due to the conflict. This has led to fears that consumers and businesses worldwide may face higher fuel prices even if the war ends quickly.