Global oil prices surged on Monday following reports of renewed hostilities between Iran and Israel, raising concerns over a potential escalation of conflict in the Middle East.
Brent crude climbed by 4.5 percent to $97.30 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 3.4 percent to approximately $94.50 per barrel, reflecting growing uncertainty in global energy markets.
Economists attribute the price rally to fears that a wider conflict in the Middle East could disrupt oil supplies from one of the world's most critical energy-producing regions.
The tensions also rattled financial markets across Asia, with major stock indices recording significant losses in early trading. South Korea's benchmark Kospi Index reportedly fell by nearly 8 percent as investors reacted to concerns over the potential impact of the crisis on global economic growth.
Market analysts say the development highlights the sensitivity of international energy and financial markets to geopolitical instability in the Middle East, warning that prolonged tensions could further increase energy costs and affect both oil-importing and oil-exporting nations worldwide.
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Business / Economy