Global oil prices jumped sharply Monday as attacks on multiple commercial vessels near the Strait of Hormuz, amid escalating conflict between Iran, the United States and Israel, raised alarms over potential interruptions to roughly one-fifth of the world's seaborne crude supplies.
Brent crude, the international benchmark, surged as much as 10-13% in early trading, peaking above $82 per barrel before easing somewhat to trade around $78-79 per barrel in Asian and European sessions. West Texas Intermediate, the U.S. benchmark, climbed more than 8% to approximately $72 per barrel, marking one of the largest single-day gains in recent years.
