Oil prices rise 20 percent on Middle East war fears
Oil prices rose 20 percent on Monday as the war with Iran sparked supply fears. Analysts warn that storage limits and well shutdowns could sustain high prices.
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Crude oil markets witnessed a significant price surge during early trading on Monday in Singapore, with values climbing approximately 20%. This sharp increase brought oil prices to their highest point since July 2022, as the expanding conflict involving the United States and Israel against Iran heightens anxieties regarding global energy security. Market participants are particularly concerned about potential long-term disruptions to shipping routes through the Strait of Hormuz.
