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Global oil prices surged more than 3.5 percent early Monday after the United States launched a fresh wave of military strikes against Iran and Tehran announced it would close the strategically vital Strait of Hormuz, intensifying fears of a wider conflict in the Middle East.
International benchmark Brent crude for September delivery rose 3.75 percent to US$78.86 a barrel at around 2210 GMT on Sunday.
US benchmark West Texas Intermediate (WTI) for August delivery climbed 3.65 percent to US$74.02 a barrel.
The sharp gains reflected growing concerns that renewed hostilities between Washington and Tehran could disrupt global oil supplies, particularly through the Strait of Hormuz, one of the world’s most important energy shipping routes.
The latest rally followed US military strikes on Iranian targets and Tehran’s announcement that it would close the Strait of Hormuz, raising fears of significant disruptions to global energy markets and international shipping. Traders are closely monitoring developments as the conflict threatens to further tighten oil supplies and increase volatility in global commodity markets.
