Crude oil futures surged on Monday as escalating tensions in the Middle East, following intense military exchanges between the U.S. and Iran over the weekend, fueled supply concerns. Meanwhile, conflicting claims by both countries over control of the Strait of Hormuz led to a decline in vessel traffic through the key shipping route.
Benchmark crude oil futures for August delivery surged by $6.73 or 9.42% to settle at $78.14 a barrel on the New York Mercantile Exchange. Brent crude for September delivery jumped by $7.29 or 9.59% to settle at $83.30 a barrel on the New York Mercantile Exchange.
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