FX.co ★ Oil Surges as US Joins Israel-Iran War

On Monday, WTI crude oil futures surged over 2%, reaching approximately $75.9 per barrel, marking their highest point since January. This rise came in response to the recent US military strikes on three Iranian nuclear facilities over the weekend. The United States' involvement in the conflict has sparked fears that Iran might retaliate by disrupting the global oil supply originating from the Middle East. As a significant oil producer and exporter, Iran's influence is substantial, especially given its control over the Strait of Hormuz, a crucial passageway for about 20% of the world's crude oil. On Sunday, Iran's parliament voted in favor of closing the Strait, as reported by state media. However, the ultimate decision rests with Iran's Supreme National Security Council and the Supreme Leader.