FX.co ★ Oil Surges on Middle East War

WTI crude futures surged 8% to above $72 per barrel as trading resumed on Monday, reaching their highest level in eight months after unprecedented joint US-Israeli strikes on Iran sharply escalated tensions across the Middle East. Markets are now closely watching the threat of further disruptions in the Strait of Hormuz, a critical chokepoint that handles around one-fifth of global oil exports and substantial volumes of natural gas. Although Tehran maintains that the strait remains open, shipping companies have swiftly begun diverting vessels away from the narrow passage.