Global crude oil prices surged more than 4 per cent on Monday, trading close to the $80-per-barrel mark, as renewed military strikes between the United States and Iran heightened concerns over possible disruptions to oil supplies from the Middle East.
International benchmark Brent crude gained more than 4 per cent, rising $3.28 to nearly $80 per barrel. US benchmark West Texas Intermediate (WTI) also climbed 4.55 per cent, or $3.25, to $74.66 per barrel.
The sharp rise in prices followed reports that Iran had announced the closure of the Strait of Hormuz “until further notice”, a claim rejected by the US Central Command (Centcom), which said it had conducted additional strikes to safeguard freedom of navigation through the strategic waterway.
