Oil markets remain on edge as the prospect of a broader conflict in the Middle East intensifies, with traders closely monitoring developments following renewed US military strikes on targets in Iran.
The escalation marks a significant shift in the regional conflict, raising immediate concerns about potential supply disruptions that could ripple through global energy markets.
Brent crude and WTI have seen volatile trading sessions in recent days, reflecting the market's struggle to price in the uncertainty.
While prices advanced on Sunday amid heightened tensions, the lack of a clear resolution has left benchmarks teetering.
The divergent moves in safe-haven assets, with gold slipping from two-week highs, highlight a shift in risk sentiment as investors weigh the immediate impact of the strikes against longer-term supply risks.
The situation underscores the fragility of global oil supply chains, particularly given the strategic importance of the Strait of Hormuz.