Oil and gold prices climbed sharply on Monday as escalating conflict between United States and Iran and attacks in the Middle East rattled global markets and disrupted shipping through the strategic Strait of Hormuz.
Global benchmark Brent crude futures rose as much as 13 % to about $82.37 a barrel — their highest level since early 2025 — before easing back to trade up around 7 %. U.S. West Texas Intermediate also climbed sharply amid fears that damage to tankers and threats to key shipping routes could tighten energy supplies.
Investors also pushed gold higher, with futures up over 2 %, as traders sought safe-haven assets amid growing geopolitical uncertainty. The conflict and disruptions to maritime traffic have heightened concerns over oil flow from one of the world’s most important energy corridors, driving markets to reprice risk and safety assets.
