Oil Prices Surge Amid Middle East Escalation and Strait Closure

Oil prices extended gains on Monday, with Brent crude poised for a record monthly rise. This follows the Yemeni Houthis expanding their conflict by launching attacks on Israel.

Iran's closure of the Strait of Hormuz, a vital oil and gas supply route, has heavily impacted global markets, with rises in both Brent and U.S. crude prices. Amidst these developments, U.S. President Donald Trump has issued warnings, demanding the reopening of the Strait.

As the situation unfolds, the market seeks definitive signs of de-escalation. Analysts highlight the strategic significance of shipping lanes impacted by the conflict, raising concerns over further disruption in oil exports, notably from Saudi Arabia and other key producers.

(With inputs from agencies.)