Global oil prices face a critical test as military tensions between Iran and the United States intensify around the Strait of Hormuz.
An energy expert has warned that a further escalation of the conflict, particularly one that disrupts shipping lanes or damages energy infrastructure, could push Brent crude above $80 per barrel.
2% at the open on Monday, while West Texas Intermediate (WTI) rose above the $78 mark.
This warning comes as markets continue to price in the risk of supply disruption in one of the world's most vital energy chokepoints.
Brent crude futures have already surged to $82.30 per barrel, climbing 2.2% at the open on Monday, while West Texas Intermediate (WTI) rose above the $78 mark.
The sharp rally in energy prices was triggered by renewed geopolitical tensions, with Iran's supreme leader, Ayatollah Ali Khamenei, declaring that the country's enriched uranium will not be exported.
This hardline stance has stalled diplomatic efforts and heightened fears of a broader regional confrontation.