Oil prices surge on Middle East tensions. Brent Crude Futures jumped 8.34% to $78.95 per barrel on Monday, briefly reaching $81.50 intraday, marking over one-year highs. WTI crude climbed 7.16% to $71.82. The sharp rally reflects escalating conflict between Iran and Israel, with Tehran threatening to close the Strait of Hormuz, which handles roughly one-fifth of global crude oil flow. Market activity in the strait dropped 40-50% as of late February. Despite the surge, OPEC+ countries including Saudi Arabia and Russia agreed Sunday to increase supply by 206,000 barrels daily. The International Energy Agency stated markets remain well supplied despite monitoring Middle East developments closely. Analysts expect continued volatility as geopolitical risks persist in the region.
