Oil prices surge over 6% as tensions rise in Strait of Hormuz

Kathmandu. Crude oil prices surged by more than 6% on Monday after the Strait of Hormuz, a key global oil supply route, was closed again due to escalating tensions between the United States and Iran. After falling by nearly 9% last Friday, oil prices have spiked again following reports of ceasefire violations and mutual attacks.

In the international market, Brent crude prices rose by $6.11 (6.76%) to reach $96.49 per barrel. Similarly, U.S. West Texas Intermediate prices increased by $6.53 (7.79%) to settle at $90.38 per barrel.