Oil prices surge more than 3% as US-Iran strikes fuel Hormuz fear

Oil prices surged over 3% on Monday due to renewed military strikes between the United States and Iran, raising concerns about energy supply movements through the Strait of Hormuz. Brent crude futures rose to $78.40, while US West Texas Intermediate crude reached $73.58 a barrel. The Strait of Hormuz is a critical route for approximately 20% of global oil and gas shipments. US Central Command (CENTCOM) stated it completed strikes against Iranian targets, including air defense and coastal radar systems, to limit Tehran's ability to conduct attacks in the Strait. CENTCOM asserted, "The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it." Conversely, Iran maintains it exercises full control over the Strait, claiming it as sovereign territory and requiring permission for vessel passage.