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Economy
Oil prices surged past $100 per barrel on Monday, driven by escalating tensions in the Strait of Hormuz. The US Navy's planned takeover of traffic control in the strategic waterway threatens to curb Iranian oil exports, following failed Washington-Tehran talks to end the conflict. Brent crude jumped 7.05% to $101.91, while US West Texas Intermediate rose 7.86% to $104.16. The spike reverses Friday's losses, as markets react to heightened geopolitical risks in a region critical for global energy supplies.
Oil prices jumped to exceed $100 per barrel during early Monday trading, as the US Navy prepares to take control of ship traffic in the Strait of Hormuz — a step that could limit Iranian oil exports — after Washington and Tehran failed to reach an agreement to end the war.
Brent crude futures rose by $6.71, or 7.05%, to $101.91 per barrel by 01:04 GMT, after closing down 0.75% on Friday.
US West Texas Intermediate crude reached $104.16 per barrel, up $7.59, or 7.86%, after falling 1.33% in the previous session.
