Oil prices surged in early trading on Sunday following the United States’ announcement that it would begin a blockade of Iranian ports starting Monday.
US crude oil climbed by 8% to $104.24 per barrel, while Brent crude, the global benchmark, rose 7% to $102.29 per barrel.
The sharp gains reflect heightened market concerns over potential disruptions to global oil supply and escalating geopolitical tensions in the region, which could impact energy flows and price stability worldwide.
