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Commodities

Oil Prices Surge as US-Iran Conflict Escalates

Guavy AI Editorial Team
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Oil Natural Gas
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Oil prices surged over 2% on Monday after renewed military strikes between the United States and Iran sparked concerns about energy shipments through the Strait of Hormuz.

The Strait, which handles about one-fifth of global daily oil and liquefied natural gas supplies, has seen traffic slow to a five-week low due to heightened security concerns.

Iran's Revolutionary Guards claimed they had attacked US military bases in Kuwait and Bahrain on Monday, while Tehran said it had closed the Strait again after a vessel traveled on an unauthorized route and was struck.

US President Donald Trump stated that the Strait remains open to commercial traffic despite Iran's declaration.

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