Oil prices surge over 3% as Brent crude tops $100 after Iran seizes ships in Strait of Hormuz

Oil prices jumped more than three percent on Monday, with Brent crude rising above $100 per barrel following Iran's seizure of two vessels in the Strait of Hormuz. The incident in the strategic waterway, through which roughly one-fifth of the world's oil exports pass, sparked immediate concerns about potential supply disruptions. The Strait of Hormuz is a critical chokepoint for global energy supplies, connecting the Persian Gulf to international markets, and any military action in the area typically triggers sharp price increases as traders factor in geopolitical risk premiums.