Oil prices surged past $100 on Monday amid the Iran conflict entering its third week. The ongoing tensions sustain heavy pressure on global energy markets and extend the shutdown of shipping lanes through the Strait of Hormuz.
Market Impact
Brent crude futures climbed nearly $2, settling around $105 per barrel. Traders cite prolonged supply disruptions as the primary driver behind the rally.
Global Supply Concerns
The Strait of Hormuz remains closed to commercial traffic, bottlenecking a critical route for oil exports. This development exacerbates fears of tighter supplies, pushing prices higher as markets brace for further instability.
