Oil prices continue to climb as tensions in the Middle East escalate.
Oil prices jumped more than four percent Monday after another flare-up between the United States and Iran that threatened their already fragile truce, while Seoul led losses in most Asian stock markets as tech firms suffered another selloff.
The renewed hostilities in the Middle East followed last week's exchange of fire and came as negotiators struggle to reach a lasting peace deal to keep the crucial Strait of Hormuz open.
The US military launched a new wave of strikes on Sunday after renewed fighting over the waterway saw several of Washington's Gulf allies targeted by incoming fire.
Both main oil contracts, which have tumbled since the announcement of the agreement, spiked as much as 4.5 percent, fanning fresh concerns that inflation – already elevated because of the war – could force central banks to hike interest rates.
