Oil Prices Surge Amid U.S.-Iran Tensions

Oil prices soared to levels not seen since 2022, as OPEC members, including Saudi Arabia, cut supplies during a U.S.-Israeli conflict with Iran. The surge comes amidst potential responses from the G7 and the U.S., including tapping strategic petroleum reserves to curb rising energy costs.

On Monday, oil prices surged approximately 7%, closing at their highest since 2022, following an initial 29% leap during the session due to Saudi Arabia and OPEC allies curtailing supply amid the intensifying U.S.-Israeli conflict involving Iran.

The dramatic rise, marked by Brent crude hitting session peaks, stirred considerations among the U.S. and G7 nations to exploit petroleum reserves and ease inflation from spiking energy costs. Despite settling at impressive highs, prices retreated post-session, losing their earlier gains.

Geopolitical disruptions and Iran's domestic unrest propelled the rally, with energy firms like Saudi Aramco trimming outputs. Meanwhile, President Trump's strategies to counteract price hikes await revelation, as nations brace for potential prolonged impacts.

(With inputs from agencies.)