Global crude oil prices rose sharply on Monday as military tensions between the United States and Iran intensified. According to Al Jazeera, crude prices climbed more than 3 percent after disruptions in energy transport through the strategically vital Strait of Hormuz. The escalation followed US airstrikes on Iranian targets for the ninth consecutive night after two American soldiers were killed in an Iranian attack. In response, Tehran suspended its interim peace agreement commitments and effectively halted shipping through the strait.

Brent crude rose by $2.75, or 3.12 percent, to $90.85 per barrel, while US West Texas Intermediate (WTI) crude increased by $2.56, or 3.10 percent, to $85.50 per barrel. Around 20 percent of the world’s oil and liquefied natural gas (LNG) supply passes through the Strait of Hormuz, and the disruption has raised fears of a major supply shortage.

Analysts cited uncertainty in energy supply and rising maritime insurance costs as factors that could sustain volatility in the oil market in the coming days.