Business

Oil prices surged above $106 per barrel amid escalating US-Iran tensions in the Strait of Hormuz, following reciprocal vessel seizures. The increase represents a nearly 5% rise since late Wednesday, reflecting concerns over shipping disruptions in a key global energy transit route.

Early in Asian trading, oil prices experienced a decline following Iran’s retaliatory strike on Israel during the weekend. Despite this, Brent crude, a crucial global oil price benchmark, remained lower but hovered around $90 per barrel on Monday morning.

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