Oil Prices Tumble Amid Middle East Tensions

In a dramatic escalation of tensions, oil prices plunged more than 4% on Monday as Iran retaliated against recent U.S. strikes on its nuclear facilities. The Middle East turmoil follows U.S. attacks, with Iran opting not to disrupt oil and gas tanker traffic through the crucial Strait of Hormuz.

Global markets reacted swiftly as Brent and U.S. West Texas Intermediate crude futures experienced significant declines. Explosions around Doha heightened concerns, although Qatar reported no casualties from the attack on the U.S. military base. Iran's response underscores the precarious balance of power in the region.

The Strait of Hormuz, a vital snaking channel through which a fifth of global oil flows, remains open, though military and strategic tensions persist. Analysts monitor these developments closely, as geopolitical volatility continues to dictate oil market trends and investor strategies amid the unfolding crisis.

(With inputs from agencies.)