New york: US crude oil futures surged more than 20% in early trading on Monday, reaching their highest level since July 2022, as the escalating US-Israeli conflict with Iran heightened concerns about supply disruptions and prolonged disruptions to shipments through the Strait of Hormuz. West Texas Intermediate (WTI) crude futures jumped 16.31% to $105.73 a barrel early Monday, and had risen as much as 22.4% to $111.24 earlier in the session. According to National Iraqi News Agency, Brent crude, the global benchmark, reached $101.19 a barrel shortly after trading resumed on the Chicago Board of Trade, up 9.2% from Friday's closing price of $92.69. The benchmark crude rose 12% on Friday and posted a weekly gain of 36%.