Oil prices sharply increase due to conflict in the Middle East.

WTI crude futures surged by 8% to over $72 per barrel upon the resumption of trading on Monday, reaching their highest levels in eight months following unprecedented joint US and Israeli strikes on Iran that significantly heightened tensions in the Middle East. The markets are closely watching for the potential of additional disruptions in the Strait of Hormuz, a critical chokepoint responsible for approximately 20% of global oil shipments and substantial amounts of natural gas. Despite Tehran's assurance that the strait remains accessible, shipping firms promptly started redirecting vessels from the narrow water passage.