Oil prices surge over 3% as tensions rise in Strait of Hormuz
Oil prices climbed more than 3% in Asian trading, driven by escalating tensions near the vital Strait of Hormuz energy corridor.
Key Takeaways
AIOil prices jumped more than 3% on Monday as tensions escalated around the Strait of Hormuz, a key global energy supply route.
Brent crude reached $107.51 per barrel in afternoon Asian trading, marking a 3.1% increase.
Similarly, West Texas Intermediate rose 2.1% to $94.32 per barrel.
The gains come as markets closely monitor regional developments, which are directly impacting global oil supply and demand forecasts.