Baghdad: Oil prices jumped 3% on Monday, with Brent crude surpassing $90 a barrel, as the United States and Iran expanded their attacks in the Middle East, disrupting energy shipments through the Strait of Hormuz. Brent crude futures rose $2.69, or 3.05%, to $90.79 by 2343 GMT, marking their highest level since June 11. This rise extends gains after a 15.9% increase last week, the largest weekly gain since April.

According to National Iraqi News Agency, U.S. West Texas Intermediate crude reached $84.68 a barrel, up $2.19, or 2.65%, achieving its highest level since June 12. The front-month contract experienced a 15.5% rise last week, marking its biggest weekly gain since early March. The escalation in tensions between the US and Iran has raised concerns over the stability of energy shipments through the crucial Strait of Hormuz, impacting global oil markets significantly.