SINGAPORE, (Reuters): Oil prices surged 9% on Monday after shipping in the crucial Strait of Hormuz was disrupted by retaliatory Iranian attacks following initial bombing by Israel and the United States that killed Iranian Supreme Leader Ali Khamenei.
Brent crude futures rose as much as 13% to $82.37 a barrel, the highest since January 2025, before retreating to trade up $6.91, or 9.5%, at $79.78 a barrel by 0748 GMT.
U.S. West Texas Intermediate crude climbed to an intraday high of $75.33, up over 12% and the highest since June, though it later pared gains and was up $5.88, or 8.8%, at $72.90 per barrel.
