Oil prices surge amid escalating tensions in the Middle East
Global oil prices saw a sharp increase in Monday trading amid a renewed escalation of geopolitical tensions in the Middle East, Qazinform News Agency reports.
According to the latest data, Brent crude futures jumped by more than 6% to exceed $95 per barrel, fully reversing losses from the previous trading session.
The rally followed remarks by U.S. President Donald Trump, who said that the U.S. Navy opened fire on and seized an Iranian-flagged cargo vessel in the Gulf of Oman after it ignored orders to stop while exiting the Strait of Hormuz.
For its part, Iran reported targeting ships and reasserting control over the Strait of Hormuz, emphasizing that the U.S. blockade of Iran-linked vessels violates the ceasefire agreement.
Despite signs of possible de-escalation late last week, tensions have flared up again.
Amid rising oil prices, positive dynamics were also recorded across other energy commodities. In particular, gasoline prices increased by 3.21%, while heating oil rose by more than 5%. Natural gas also posted a moderate gain of 1.6%.
Earlier, Qazinform News Agency reported that U.S. Vice President JD Vance plans to visit Pakistan to take part in negotiations on the Iran issue.