Oil prices climbed to their highest levels in five months on the international market after the United States of America conducted strikes on Iran.
The conflict disrupted oil shipments, as Iran responded by closing cargo routes and critics warn that prices could rise even more.
When shipping routes are disturbed, freight costs will rise, making imported goods more expensive.
Oil prices rose on Monday in a volatile session following the United States’ weekend move to join Israel in attacking Iran’s nuclear facilities, as investors weigh the potential risks to oil supply disruptions as a result of the escalating conflict.
Brent crude futures were up 78 cents, or 1.01%, to $77.79 a barrel as of 1000 GMT. U.S. West Texas Intermediate crude rose by 76 cents, or 1.03%, to $74.60.
