Global oil prices jumped by more than 3.5% on Monday after the United States launched a series of attacks on Iran and Tehran announced the closure of the Strait of Hormuz, raising concerns over potential disruptions to global oil supplies.
Brent crude for September delivery rose 3.75% to US$78.86 per barrel, while US West Texas Intermediate (WTI) for August delivery gained 3.65% to US$74.02 per barrel.
The sharp increase reflects growing market concerns that escalating geopolitical tensions in the Middle East could disrupt one of the world’s most important energy shipping routes and tighten global crude supplies.
