Oil prices rise as Middle East ceasefire remains in doubt
Brent crude rose 6 percent on Monday as tensions in the Middle East threatened a fragile ceasefire. Investors monitored shipping in the Strait of Hormuz.
Global financial markets are experiencing renewed volatility as geopolitical tensions in the Middle East threaten a fragile ceasefire between the United States and Iran. Oil prices surged on Monday following the seizure of an Iranian cargo ship by American forces, prompting threats of retaliation from Tehran and casting doubt on the stability of regional shipping routes.
Brent Crude Oil futures jumped approximately 6% to reach $96 per barrel during early trading in Singapore. The focus remains on the Strait of Hormuz, where Iran has re-imposed a de facto closure. Despite the restrictions, shipping data indicated that more than 20 vessels carrying oil products, metals, and fertilizers passed through the chokepoint on Saturday, marking its busiest day since early March.
