Oil prices surged sharply after fresh United States and Israeli strikes on Iran, as markets priced in rising geopolitical risk and potential disruptions to supply.

Brent crude climbed to its highest level in months, jumping by around 8–9 per cent in early trading, while U.S. West Texas Intermediate also rose significantly on global energy concerns.

U.S. President Donald Trump said the “overwhelming military offensive” against Iran — which he and U.S. commanders have called Operation Epic Fury, would carry on “in full force” until Washington’s objectives are met, with no sign of immediate pauses in the campaign.

The founder and director of research at Energy Aspects,
Amrita Sen, said on Monday that oil prices are likely to stay around $80 per barrel for now, according to CNBC.

She added that a full shutdown of the Strait of Hormuz, which handles 13–15 million barrels daily, about 20 per cent of global supply, is unlikely, with the main threat coming from occasional attacks on ships passing through the channel.

However, isolated attacks on vessels are harder to stop.

She added that, following the weekend attacks on three tankers, shippers are now exercising extreme caution.