Brent crude futures have surged to $80.12 a barrel, marking a nearly 8% gain in the session as markets react to the abrupt end of the ceasefire with Iran.
The sharp rally in energy prices was triggered by renewed geopolitical tensions in the Middle East, with US President Donald Trump declaring the truce over.
West Texas Intermediate (WTI) also climbed, rising above the $78 mark, while Brent touched $82.
This development has immediately reignited fears of supply disruptions in one of the world’s key oil-producing regions.
West Texas Intermediate (WTI) also climbed, rising above the $78 mark, while Brent touched $82.30 at the open on Monday before settling near the $80 level.
The move pushes the benchmark well off recent lows, reversing the stabilization seen earlier in the week when the risk premium had begun to fade.
Traders are now pricing in a higher probability of export bottlenecks or production outages in the Gulf.