US Oil Prices Soar on Strait of Hormuz Disruptions Amid Iran Conflict

US oil prices surged in early trading on Monday as concerns over supply and disruptions to shipments through the Strait of Hormuz intensified due to the expanding conflict between the US, Israel, and Iran.

The price of U.S. West Texas Intermediate (WTI) crude futures rose by as much as $20.34 a barrel, hitting its highest since July 2022 at $105.73 as of 2220 GMT.

This represents an increase of more than 16% from the previous day's close and a whopping 36% over the past week.

The conflict, which has left nearly 400 people dead, has raised fears of prolonged disruptions to oil shipments through the Strait of Hormuz, a critical waterway for global energy supplies.