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The Independent UK

Business

Stuti Mishra

Oil crosses $100 mark amid Iran war as violence erupts at petrol stations in South Asia

Oil Iran Petrol South Asia United States

Oil prices surged past $115 (£86.47) a barrel on Monday as fuel shortages sparked rationing and violence in South Asia, as the Iran war continues to choke the world’s most critical energy route.

Brent crude rose to $115.31 (£86.47) a barrel, up 24 per cent from Friday's close and the highest since 2022, as the US-Israeli war with Iran entered its second week. The Strait of Hormuz remained effectively closed to most operators.

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