Oil prices surged sharply as President Donald Trump rejected Iran's latest ceasefire proposal, intensifying concerns over a prolonged conflict in the Middle East.
The move has heightened geopolitical risks, particularly in the Strait of Hormuz, a critical shipping route for global oil supplies.
4% in the session, reflecting the market's sensitivity to shipping disruptions and potential supply shocks.
Asia-Pacific markets were set to open mixed Monday, with investors weighing the implications of the deteriorating U.S.-Iran standoff.
Brent crude climbed 3.4% in the session, reflecting the market's sensitivity to shipping disruptions and potential supply shocks.
The Strait of Hormuz has been a focal point of recent tensions, with reports of U.S. plans to "free" ships stranded in the region.
Analysts note that any escalation in military or economic actions could further strain energy markets and ripple across global trade.