Oil Prices Spike as US-Iran Conflict Escalates Through Strait of Hormuz
Oil prices surged more than $1 per barrel on Monday after US forces struck an Iranian island in the Strait of Hormuz, escalating tensions and raising concerns over crude supplies and shipping through the strategic waterway.
Brent crude futures rose by 1.23% to $89.18 a barrel, while US West Texas Intermediate (WTI) crude increased by 1.10% to $84.32 per barrel.
The recent escalation comes as talks aimed at ending the conflict remain at an impasse, and mediators continue efforts to reopen the waterway to regular commercial shipping.
The Strait of Hormuz is a critical energy chokepoint, linking oil-producing Gulf states with global markets. About one-fifth of the world's oil flows through the strait, which has been disrupted since late February.