US-Iran Tensions Send Oil Prices Soaring to New Heights

Global oil prices surged on Monday as tensions between the United States and Iran escalated. The conflict has been ongoing for six months, causing market volatility.

Brent crude futures rose $2.51, or 2.85 percent, to $90.61 a barrel, while U.S. West Texas Intermediate crude also increased by $2.13, or 2.55 percent, to $85.53 a barrel.

The latest military tensions began on Sunday when the United States targeted two launchers on the Iranian island of Lark in the Strait of Hormuz.

Market analyst Tony Sycamore noted that it's difficult to predict how long these tensions will last, but technical analysis suggests that if WTI crude oil crosses the resistance level of $85.80 to $85.90 per barrel, prices could reach $87.69 and later hit July's high of $93.50.