Global Oil Prices Surge as US-Iran Tensions Escalate in Strait of Hormuz

Kathmandu. Global crude oil prices have surged sharply following the failure of efforts to end the ongoing conflict between the United States and Iran. Oil prices climbed above $100 per barrel on Monday after the US Navy prepared to blockade the strategically vital Strait of Hormuz.

Investors are concerned that oil exports from Iran could be completely halted, a fear that has directly impacted the international market. On Monday, London's Brent crude futures rose by $7.60, or nearly 8 percent, to reach $102.80 per barrel.