Brent crude rose above $91 per barrel on Monday. West Texas Intermediate climbed over $84 per barrel. These prices represent the highest levels in over a month.
The United States launched its ninth consecutive military strike against Iranian infrastructure. Traders are pricing in risks that a wider conflict could remove substantial volume from the global market. The escalation threatens the Strait of Hormuz, a transit route for one-fifth of the world's oil supply.
Rising energy costs increase concerns regarding global inflation. The price surge may complicate upcoming central bank decisions on interest rates.