Global oil prices jumped by around nine per cent on Monday as the United States and Iran exchanged attacks and renewed fears of disruptions to petroleum supplies.
According to AFP, Brent crude futures climbed by 9.1 per cent to $82.90 per barrel near 18:20 GMT, while the United States benchmark, West Texas Intermediate, also rose by 9.1 per cent to $77.87 per barrel.
The sharp increase followed President Donald Trump’s announcement that the United States would reimpose a naval blockade on Iranian ports as hostilities between Washington and Tehran worsened.
The renewed fighting raised concerns that the conflict could disrupt oil shipments through the Strait of Hormuz, one of the world’s most important routes for petroleum transportation.
Traders reacted quickly to the growing risk of supply disruptions, pushing crude prices higher during Monday’s trading.
The United States said its blockade would cover Iranian ports, oil terminals and coastal areas, while military tensions continued to threaten stability across the region.
Iran and the United States have also clashed over control of the Strait of Hormuz, further increasing uncertainty in global energy markets.
The oil price surge reflects growing fears that a prolonged conflict could restrict supplies, raise transportation risks and increase fuel costs in countries that rely heavily on imported petroleum products.
