Oil prices rose by around 1.2% on Monday amid U.S. President Donald Trump’s threats to escalate the war against Iran, increasing uncertainty in global markets.

Brent crude reached $110.2 per barrel, up 1.2% at the start of the week, while West Texas Intermediate (WTI) stood at $111.5, marking a modest 0.3% increase as of 07:00 GMT.

The rise is driven by escalating geopolitical tensions in the Middle East, particularly concerns over potential disruptions to energy shipments through the Strait of Hormuz, a critical global oil transit route.

Global markets are experiencing heightened volatility as fears grow over the impact of the U.S.-Iran conflict on supply stability and rising inflation levels worldwide.