Commodities
Oil Prices Surge as US-Iran Tensions Escalate
Oil prices surged on Monday as tensions between the US and Iran escalated, with Brent crude futures rising to $90.47 per barrel.
The price hike follows renewed military attacks between Washington and Tehran, which have raised concerns over possible disruptions to global crude supplies.
According to Reuters, the latest rally was triggered by US forces striking two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday.
Iran subsequently attacked two US air bases in Jordan, according to Iranian media citing the Islamic Revolutionary Guard Corps.
The renewed confrontation has raised fresh concerns over the security of the Strait of Hormuz, a vital global oil shipping route.