Oil prices surged six percent on Monday as escalating tensions in the Middle East rattled global markets.
Analysts warned that the main international oil price could climb much higher in the coming weeks.
The spike is directly linked to ongoing disruptions in the Strait of Hormuz, a critical waterway for global oil shipments.
Experts noted that a failure to reopen the strait could push prices significantly upward.
The Strait of Hormuz handles about a fifth of the world’s oil supply, making it a key chokepoint for energy markets.
Investors are closely monitoring diplomatic efforts to de-escalate the situation.
Any prolonged closure would likely strain supply chains and increase costs for consumers worldwide.
The current price jump reflects market anxiety over potential supply shortages.
Traders are bracing for further volatility as geopolitical risks remain high.
