Oil prices surged more than 2% on Monday after a fresh exchange of US and Iranian attacks around the Strait of Hormuz renewed the risk of disruption to crude shipments through the key oil chokepoint.
The United States and Iran have entered a new phase of their confrontation after US forces struck Iranian rocket launchers near the Strait of Hormuz and Tehran retaliated with missile and drone attacks against US military bases in Jordan, marking the first direct escalation between the two sides in more than a month.
