Global crude oil prices jumped roughly 4% early Monday following a wave of fresh U.S. military strikes against Iran.
The sudden commodity rally reflects a warning from top economist Mohamed El-Erian that the "significant intensification" of hostilities in the Middle East will severely test the market's prevailing assumption that the conflict will remain contained.
Crude Prices and ETFs Surge Oil markets reacted swiftly to the renewed geopolitical tensions.
Brent crude futures climbed 4.04% to $79.08 per barrel, while West Texas Intermediate (WTI) crude futures increased 4.54% to $74.65 per barrel.
This upward momentum was closely mirrored in oil-tracking exchange-traded funds.
