Commodities
US-Iran Tensions Send Oil Prices Soaring
Oil prices surged on Monday as tensions between the US and Iran escalated, leading to concerns about prolonged disruptions to oil supplies from the Middle East.
The price of Brent crude futures rose by $1.20, or 1.25%, to $97.48 a barrel, while US West Texas Intermediate (WTI) crude increased by $1.14, or 1.25%, to $92.62 a barrel.
Last week, Brent and WTI saw significant gains, with Brent rising by 7.8% and WTI gaining nearly 10% after the resumption of US and Iranian strikes that led to reduced oil flows through the Strait of Hormuz.
The Strait of Hormuz is a critical waterway, responsible for carrying one-fifth of the world's oil supplies.