Oil Prices Surge Amid Middle East Tensions

Asian markets are trading mixed on Monday as investors remain cautious amid rising crude oil prices and uncertainty surrounding developments in the Middle East. The global cues, coupled with a fresh rise in oil prices, point to a lower start for Indian equity benchmarks.

The US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, although he said talks would continue this week. The uncertainty around the key shipping route has kept energy markets on edge and raised concerns about the broader inflationary impact of higher oil prices.

Crude oil remains a major source of concern for markets, with Brent crude futures climbing 2% to $106.5 a barrel. This marks an 18% gain for September, while US West Texas Intermediate crude futures rose 1.3% to $93.6 a barrel.