Oil prices surged by over 1% on Monday due to rising tensions in the Middle East, raising worries about possible supply disruptions.
As reported by Reuters, Brent crude futures climbed to around $90.61 per barrel, while U.S. West Texas Intermediate (WTI) crude hit approximately $87.56 per barrel.
The price hike is linked to concerns regarding conflicts in the region, especially between Israel and Iran.
Market analysts indicate that these geopolitical tensions could significantly affect global oil supply, leading traders to adjust their positions accordingly.
As the situation unfolds, investors are keeping a close eye on any indicators that may impact future price movements, weighing concerns about supply disruptions against the current market dynamics.
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