Oil prices surged about 20% in early trade on Monday, hitting their highest since July 2022, as the expanding U.S.-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz, Reuters reported.
Iran on Monday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that hardliners remain firmly in charge in Tehran a week into its conflict with the United States and Israel.
Brent crude futures rose as much as $18.35, or 19.8%, to $111.04 a barrel and were up $14.38, or 15.5%, at $107.07 as of 2314 GMT, according to Reuters.
