Oil prices surged on Monday amidst escalating tensions as U.S. President Donald Trump threatened further attacks on Iran if the Strait of Hormuz remains closed due to the ongoing U.S.-Iranian war.

• Brent crude futures rose 1.6 percent to $110.74 a barrel, while US West Texas Intermediate futures gained 0.6 percent to $112.25.
• The disruption impacts oil exports from key Middle Eastern producers including Iraq, Saudi Arabia, Qatar, Kuwait, and the United Arab Emirates.
• Iran is allowing passage for select vessels from countries it deems friendly, while OPEC+ agreed to a modest output rise, limited by the war's impact on actual production.