Oil Price Soars Near $120 After Iran Strikes and Strait of Hormuz Closure, Gulf Producers Face Storage Crunch
The price of oil surged to nearly $120 a barrel on Monday following Israeli strikes on Iran's energy infrastructure over the weekend and Tehran's de facto closure of the Strait of Hormuz. This escalation in the 10-day-old conflict sent fresh shockwaves through global energy markets, with Brent crude reaching $119.50 before retreating to around $100.











