Global oil prices have surged above $100 a barrel, marking the first time since 2022. The escalating US-Israeli conflict with Iran has ignited fears of prolonged disruption to vital oil shipments through the Strait of Hormuz.
Iran appointed Mojtaba Khamenei to succeed his father as Supreme Leader, indicating hardliners remain in control. Over the weekend, the US and Israel conducted multiple airstrikes across Iran, targeting oil depots among other sites. This significant disruption to energy supplies from the region is expected to drive up prices for consumers and businesses worldwide.
Early Monday trading saw Brent crude rise approximately 15.5% to $107.16, while Nymex light sweet climbed over 17% to $106.77.