Energy Preview: WTI crude futures surge to fresh 5-month high on escalating Middle East tensions

WTI crude oil futures climb around 2% in early Asia on Monday after the United States launched strikes on three Iranian nuclear facilities over the weekend. Increased supply concerns amid reports that an Iranian retaliation may shut down the Strait of Hormuz, through which roughly 20% of global crude supply flows is likely to further underpin gains in the commodity that now sits at its highest level since mid-January this year. As per media reports, Iranian parliament approved a measure to close the strait. Meanwhile, the counter surged to a new five-month high and is quoting at $75.29 per barrel, up around 2% on the day.

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