Crude oil prices jumped over 3% on Monday as the Middle East conflict escalated after Israel launched renewed strikes on Lebanon despite a truce between the two countries, eroding hopes for an end to the wider US-Iran war and a restart to crude flows through the Strait of Hormuz.
US crude futures rallied 4.26% to $94.40 per barrel, while Brent crude futures gained 3.82% to $96.65 a barrel.
(More to come)