Oil Prices Surge 6% as Middle East Tensions Rise, Analysts Warn of Further Gains if Hormuz Remains Closed
Global oil markets reacted sharply on Monday, with the benchmark price climbing about 6 percent. The increase follows heightened tensions in the Middle East that threaten supply routes.
Global oil markets reacted sharply on Monday, with the benchmark price climbing about 6 percent.
The increase follows heightened tensions in the Middle East that threaten supply routes.
Analysts cautioned that prices could rise even more in the next weeks if the Strait of Hormuz stays shut.
Higher oil costs may pressure fuel prices and broader economic activity worldwide.