Oil: New U.S.-Iran flare-up drives prices higher

Oil prices surged nearly 3% on Monday following renewed military escalations between the United States and Iran. Recent strikes on Larak Island in the Strait of Hormuz and retaliatory attacks on U.S. bases in Jordan have pushed Brent crude back above $90 per barrel. Markets are monitoring the situation closely due to the critical nature of the Strait of Hormuz for global energy supplies, while diplomatic efforts to resolve the conflict remain deadlocked.