Oil prices jump over 5% amid Middle East tensions

Global oil prices surged more than 5% on Monday as fears of a new escalation in the Middle East rattled markets, following updates that US forces seized an Iranian vessel and Tehran resumed efforts to block the Strait of Hormuz, Report informs via Interfax.

Brent crude futures for June delivery rose by $4.95, or 5.48%, to $95.33 per barrel on the ICE Futures in early trading. The rebound follows a sharp decline on Friday, when prices fell by $9.01, or 9.07%, to close at $90.38 per barrel.

Meanwhile, US benchmark West Texas Intermediate (WTI) crude for June delivery climbed $4.94, or 5.98%, to $87.53 per barrel during electronic trading on the New York Mercantile Exchange. In the previous session, WTI had dropped $8.58, or 9.4%, settling at $82.59 per barrel.

Analysts say the sharp price movements reflect heightened geopolitical risks, particularly concerns over potential disruptions to oil supply routes in the Strait of Hormuz, a critical chokepoint for global energy shipments.