Oil Prices Surge Amid Middle East Tensions

Oil prices have surged significantly, with Brent heading for a record monthly rise. This comes as Yemeni Houthis expanded the Iran conflict by attacking Israel. The closure of the Strait of Hormuz and regional tensions have fueled concerns over global oil supplies and shipping routes.

Oil prices witnessed a significant surge on Monday, with Brent nearing a monthly record, following the widening of the Iran conflict by Yemeni Houthis' attacks on Israel.

The price of Brent futures rose by 66 cents to $113.23 a barrel, marking a potential record monthly gain exceeding previous fluctuations during the 1990 Gulf War.

With the closure of the Strait of Hormuz and rising regional tensions, oil markets remain volatile as concerns grow over shipping routes and the global energy supply chain's stability.

(With inputs from agencies.)