Commodities
US-Iran Conflict Sparks Fresh Oil Price Surge
Oil prices surged on Monday as tensions between the US and Iran escalated. Brent crude futures rose $2.37, or 2.69%, to $90.47 a barrel, while US West Texas Intermediate crude gained $2, or 2.4%, to $85.40 a barrel.
The latest rally followed the resumption of direct military action between Washington and Tehran, with US forces striking two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday.
Mediators have been seeking an agreement to reopen the Strait of Hormuz, through which about one-fifth of global oil supplies passed before the war began at the end of February. However, negotiations have stalled amid the continuing hostilities.