Crude oil surges over 3% to $86 as Middle East tensions escalate

Crude oil prices jumped more than 3% toward $86 a barrel on Monday as renewed US-Iran military clashes heightened concerns over supply disruptions in the Strait of Hormuz. US forces struck targets on Iran?s Larak Island, followed by reported Iranian strikes on US bases in Jordan, intensifying geopolitical risks across the region. Despite the escalation, an estimated 6?8 million barrels of crude continue to flow through the Strait of Hormuz each day, limiting immediate supply disruptions but keeping markets highly sensitive to further developments. Brent crude rose above $90 to $90.98 a barrel, while WTI gained to $84.81. In India, MCX crude oil futures rose 1.6% to ₹8,112 per barrel.

Powered by Commodity Insights