Oil prices rocketed higher Monday after Iranian forces unleashed missile strikes on multiple tankers near the Strait of Hormuz, sparking fears of a full-blown global energy crisis just days after US and Israeli strikes killed Iran’s Supreme Leader Ayatollah Ali Khamenei.
In frantic Asian trading, Brent crude surged more than 10% at one point before settling around 4-8% higher at $76.16 a barrel, while US West Texas Intermediate jumped to $69.67-$72. Analysts say prolonged disruption could smash the $100 mark – the nightmare scenario that has haunted markets for years.
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