Oil prices climbed to their highest level in nearly two weeks on Monday as tensions in West Asia intensified across multiple fronts involving the US, Israel and Iran. Brent crude, the global benchmark, rose more than 3 percent in early trading to cross $116 a barrel, its highest level since March 19, when it briefly touched $119.
The latest gains follow an escalation over the weekend, with Iran issuing strong warnings amid the ongoing conflict and fresh hostilities reported across the region. Concerns over disruption to shipping through the Strait of Hormuz have added to supply worries, with the waterway carrying nearly one-fifth of the world’s oil and Liquified Natural Gas (LNG supplies.
Oil prices have risen close to 60 percent since the start of the conflict, pushing up fuel costs globally and prompting several countries to consider energy conservation measures.
