US crude oil prices surged by more than 7% following the closure of the Strait of Hormuz, intensifying concerns over global supply disruptions. As a result, energy markets reacted sharply in early trading.
Brent crude futures, the global benchmark, climbed 7.26% or US$6.56 to US$94.94 per barrel during early Monday trading. Meanwhile, West Texas Intermediate futures advanced 7.24% to US$89.92, reflecting heightened volatility across oil markets.
The sharp gains underscore investor sensitivity to developments in key shipping routes. Moreover, the Strait of Hormuz remains a critical corridor for global crude exports, and any disruption typically triggers immediate price reactions.
