Crude oil prices jump over 3%, nears 52-week high

Global oil prices surged sharply on Monday amid escalating tensions in West Asia, following the entry of Yemen’s Iran-backed Houthi group into the conflict.

International benchmark Brent crude futures rose as much as 3.66 per cent to an intra-day high of $116.70 per barrel, nearing a fresh 52-week high. US benchmark West Texas Intermediate (WTI) also climbed over 3 per cent to cross $103 per barrel.

The latest spike in crude prices follows weekend missile launches by Houthi forces targeting Israel. The group has warned of continued attacks until strikes on Iran and its allied militias cease, adding a new layer of risk to already strained global energy markets.