ALBAWABA - The price of the main U.S. benchmark for oil surged over 30 percent on Monday amid the escalation in the Middle East and Iran's closure of the Strait of Hormuz.
At 0230 GMT, West Texas Intermediate (WTI) increased by 30.04 percent reaching $118.21 per barrel, before easing slightly.
In addition, Brent Crude was up by 27.54 at $118.22.
The disruption of shipping traffic through the Strait of Hormuz, a narrow waterway through which a fifth of the world's oil usually passes, and attacks on energy infrastructure have led to higher prices for crude oil and natural gas.
On the other hand, Gold prices decreased on Monday. Reuters reported that Spot gold was down 0.8 percent at $5,130.94 per ounce, as of 0554 GMT, after falling more than 2 percent earlier in the session.
Gold prices decreased on March 9. (Shutterstock)
