US-Iran Tensions Send Oil Prices Soaring
Oil prices rose in early Asian trade on Monday as tensions between the US and Iran intensified.
The escalating conflict has sparked concerns over potential supply disruptions in the Middle East, with the key waterway through which one-fifth of oil is transported being a major point of contention.
Brent crude futures climbed 52 cents to $96.80 a barrel, while US West Texas Intermediate crude was at $92.14 a barrel, up 66 cents.