Crude oil prices plunge below $90 a barrel following an earlier surge to almost $120 in price swing over 24 hours.

Shortly after the surge, U.S. President Donald Trump said on Truth Social that "short term oil prices" are "a very small price to pay".

Crude oil prices surge more than 20 percent as sprawling regional conflict threatens global energy supplies.

US president describes conflict as ‘very complete’, but threatens further strikes after Iran says it won’t allow ‘one litre of oil’ to leave Middle East while war continues

The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.

Crude oil prices plunge below $90 a barrel following an earlier surge to almost $120 in price swing over 24 hours.

Crude oil prices fall sharply as energy markets remain on tenterhooks over effective closure of the Strait of Hormuz.