Oil Prices Surge Over 7%
Global oil prices recorded a sharp increase on Monday, climbing by more than 7% as geopolitical tensions intensified around the Strait of Hormuz.
The surge came as the United States Navy prepared for potential actions to restrict maritime traffic involving Iran through the key shipping route, a critical corridor for global energy supplies.
Brent crude rose by $7.03, or 7.4%, reaching $102.23 per barrel, reversing losses from the previous trading session. Meanwhile, U.S. West Texas Intermediate crude gained $7.31, or 7.6%, climbing to $103.88 per barrel after an earlier decline.
The spike reflects market concerns over possible disruptions to oil flows in one of the world’s most important energy transit routes.
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