Oil prices soar as escalating conflict threatens supplies

US and Israeli forces conducted air strikes in the Middle East on Monday, causing oil prices to surge by over 5% as energy markets reacted to fears that the escalating conflict could disrupt global oil supplies. The sudden spike in oil prices comes amid heightened tensions in the oil-rich region, where the coordinated military actions have raised concerns about potential supply chain disruptions. Brent crude futures jumped to $85 per barrel, while West Texas Intermediate (WTI) crude climbed to $81 per barrel, marking the highest levels in several weeks. Energy analysts warn that if the conflict expands, it could lead to significant supply disruptions, particularly affecting shipping routes in the Strait of Hormuz, through which nearly a fifth of global oil supplies pass. The market turbulence reflects the delicate balance of energy security in the region, where any military confrontation involving major oil producers can have immediate global economic repercussions.