US Strikes on Iran Send Oil Prices Soaring

Oil prices surged more than 3% in early Monday trading after the United States carried out fresh strikes on Iran for the first time in weeks.

Tensions remained high over navigation through the strategically important Strait of Hormuz, with Brent crude and US benchmark West Texas Intermediate rising before paring their gains.

As of 7.50 a.m., both benchmarks were up about 2%, with Brent at $90 and WTI at $85.3 per barrel.

The strikes have heightened global market volatility, with investors weighing the renewed U.S-Iran confrontation.