Tugboats move a crude oil tanker to its berth at the oil terminal at the port in Qingdao, in China’s eastern Shandong province on June 8, 2026. AFP
The contract for August jumped 5.1 per cent to $97.83 a barrel, while West Texas Intermediate climbed 4.8 per cent to hit $94.85.
Worries of a renewed outbreak of war have dashed hopes of a rapid end to the standoff between the US and Iran, which has disrupted shipping through the key Strait of Hormuz trade bottleneck amid fears of global energy and goods shortages.
Meanwhile, Stocks in Asia fell sharply early Monday after Iran and Israel attacked each other for the first time since the ceasefire and following heavy losses on Wall Street.
At 9:53 am (0053 GMT) Japan's Nikkei 225 was off 3.41 per cent at 64,318.06 points, while South Korea's Kospi was down 6.81 per cent at 7,604.98.
On Friday, Wall Street's key indices closed heavily in the red, hit by a massive sell-off in technology stocks following a recent surge driven by AI investment.
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