Crude oil prices jump 3% amid renewed US-Iran war tensions; Brent crude above $78 per barrel

Crude oil prices surged over 3% on Monday as renewed US-Iran military strikes and conflicting claims over the Strait of Hormuz restored a geopolitical risk premium to global energy markets. Brent crude climbed above $78 per barrel while US benchmark WTI hovered near $74, reversing earlier declines that followed a temporary peace agreement. Analysts warned that if the conflict expands to target regional energy infrastructure, prices could potentially climb toward $100 per barrel, with the IEA flagging risks to global oil inventory rebuilding efforts.