Oil Prices Surge as US-Iran Tensions Explode

Crude oil prices jumped sharply on Monday, driven by an escalation in hostilities between the United States and Iran. The increase follows a series of military actions and threats that have raised fears of a broader conflict in the Middle East. Brent crude, the global benchmark, rose more than 3% to trade above $72 per barrel. West Texas Intermediate, the US standard, also climbed, surpassing $68. Traders are reacting to the risk that key oil shipping routes, such as the Strait of Hormuz, could be disrupted. Iran has previously threatened to block this narrow waterway, through which about 20% of the world's oil passes. The price spike reflects market anxiety over supply. Analysts say any direct confrontation could cut off millions of barrels of daily oil output. No new supply disruptions have been reported yet, but the threat alone is enough to push prices higher. US officials have warned of further measures, while Iran has vowed a strong response. The situation remains fluid, with diplomatic channels open but tense. For now, oil markets are bracing for more volatility.