Oil Prices Surge Past $120 Amid U.S.-Iran Tensions

Oil prices exceeded $120 per barrel on Monday, driven by escalating tensions between the United States and Iran, which intensified concerns over global oil supply. Iran's blockade of critical shipping channels, particularly the Strait of Hormuz—responsible for handling approximately 20% of the world's daily oil shipments—further exacerbated these concerns.

The situation escalated as Iran announced it would not reopen the channel until the conflict ended. Following this surge, West Texas Intermediate crude oil prices rose nearly 30% on Sunday, reaching $120 per barrel.

However, within an hour, prices sharply declined by $15, stabilizing near $100 per barrel. This volatility serves as a reminder of the thin trading conditions in the market, which can lead to rapid price fluctuations.

Oando's stock gained 19% as investors shifted their attention towards energy stocks amid these developments.