Crude oil prices rallied sharply on Monday, recording their largest two-day percentage gain in four months as geopolitical tensions in the Middle East flared.
The price surge follows reports of the most intense military escalation in the region since late June, with hostilities expanding beyond diplomatic posturing to direct kinetic action against commercial and energy infrastructure.
The US and Iran escalated hostilities over the weekend, including the targeting of ships attempting to transit through the Strait of Hormuz.
Simultaneously, attacks damaged a key oil facility in Kuwait, compounding fears of a broader supply shock.
These developments mark a significant deterioration from the relative normalization seen in late June, when Brent crude had retreated to pre-war levels as shipping activity in the strait appeared to stabilize.
The immediate market reaction reflects growing concerns over potential disruptions to energy infrastructure and global trade routes.
Oil prices surged sharply in early trading after reports of renewed attacks, triggering a broad sell-off in equity markets as investors reassessed risk premiums.