Global oil prices climbed sharply on Monday, surpassing $116 per barrel as renewed conflict in the Middle East intensified concerns over energy supply. The benchmark Brent crude rose more than 3 percent in early trading, crossing the $116 mark amid heightened tensions around the Strait of Hormuz.

Before February 28, oil traded at about $72 per barrel. On March 19, it reached a peak of $118 before easing slightly to just under $112 by Friday afternoon. The current surge marks a significant increase compared to pre-war levels, reflecting market anxiety over potential disruptions in the region.

The price spike coincided with Iran’s announcement that it is prepared for a possible U.S. ground attack. Iran’s parliamentary speaker warned that any American troops entering the country would face severe retaliation, and regional allies would also be punished, according to the report.