Oil jumps as US-Iran conflict escalates, disrupts shipping

Oil prices surged more than 8% to their highest level in months on Monday, March 2, as escalating conflict between Iran and Israel in the Middle East damaged tankers and disrupted shipments from the key oil-producing region. The price spike was particularly significant in Singapore, a major global oil trading hub, where benchmark Brent crude and US oil futures both jumped substantially. The tensions have raised concerns about potential supply disruptions from the Persian Gulf, through which a significant portion of the world's oil exports pass. Analysts warn that if the conflict continues to escalate, oil prices could rise further, potentially impacting global economic recovery efforts already facing challenges from inflation and supply chain issues. Major oil-consuming nations, including the United States, are closely monitoring the situation as they balance energy security concerns with geopolitical stability in the region.