Commodities
Oil Prices Surge Near $90 Amid US-Iran Tensions
Oil prices rose to nearly $90 per barrel on Monday as tanker traffic through the Strait of Hormuz slowed down due to ongoing tensions between the US and Iran.
The conflict has led to a significant impact on oil prices, with Brent crude futures rising by 0.7% to $89 per barrel in early Asian trade.
US West Texas Intermediate crude futures fell by 40 cents to $83 a barrel, while both benchmarks saw gains of over 5% last week after attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and a Saudi Aramco refinery.