Tensions Skyrocket as Oil Prices Surge Amid Middle East Conflict

Oil prices surged to their highest in five months on Monday following U.S. airstrikes against Iran. The continuation of oil and gas transit from the Middle East on tankers helped pare back the gains. Brent crude futures rose by 1.1% to $77.86 a barrel.

Heightening tensions in the Middle East, U.S. President Donald Trump confirmed extensive hits on Iran's nuclear facilities over the weekend. Joined by Israel, further strikes on Tehran's capital were reported, signaling an escalation of regional conflict. Iran has threatened retaliation and slammed Trump's decisions as reckless.

The geopolitical upheaval has led to volatile oil markets and global concern over potential supply disruptions, particularly in the critical Strait of Hormuz. As a vital pipeline for about 20% of the world's crude supply, any closure could cause severe price spikes and economic repercussions, analysts warn.

(With inputs from agencies.)