Oil prices rise due to tanker disruptions in the Strait of Hormuz

Oil prices surged on Monday, with U.S. crude rising 8.4% to $72.63 per barrel and Brent crude up 8.5% to $79.13 per barrel, amid disruptions in tanker traffic through the Strait of Hormuz due to escalating tensions involving Iran. The U.S. and Israeli military actions against Iran have raised concerns about global oil supply, while attacks on vessels and infrastructure in the region have led to fears of further conflict. Analysts predict sustained price increases could occur if disruptions continue, impacting global inflation and economic growth.

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