Brent crude prices surged nearly 2% to $78.53 a barrel on Monday, reaching their highest level since January, as the United States joined Israel in launching strikes on Iran’s nuclear facilities. The market’s reaction reflected growing concerns over global oil supply disruptions amid rising geopolitical tensions. US West Texas Intermediate (WTI) crude also rallied, gaining $1.87, or 2.53%, to reach $75.71 per barrel. Reuters reported Brent futures peaking at $78.89 as of 11:22 GMT. Strait of Hormuz: A Chokepoint Under Threat The situation intensified further after Iran’s parliament approved the closure of the Strait of Hormuz, a strategic maritime route through which nearly 20% of global oil and LNG shipments pass. While Iran’s National Security Council will make the final decision, even the possibility of closure is rattling markets. According to the U.S. Energy Information Administration, over 20 million barrels per day of oil passed through the Strait in 2023.