Oil prices surge as escalating U.S.-Iran tensions threaten flows through the key Middle East chokepoint.
Brent crude futures climbed more than 2% to breach $90 a barrel in early Asian trade Monday. The rally followed reports of rising U.S.-Iran hostilities that could disrupt shipments via the Strait of Hormuz, a critical transit route for global oil supplies.
Prior to the move, Brent had traded near $88 in the previous session. Analysts had expected a modest uptick on supply concerns, but the $90 threshold marked a sharper-than-anticipated reaction to geopolitical risks.
Markets showed limited immediate reaction beyond the price spike, with trading volumes remaining subdued in the early session.