Ankara: Brent crude oil prices surged nearly 5% on Monday following renewed US-Iran tensions that have intensified concerns regarding the shipping and energy supply routes through the Strait of Hormuz. The international benchmark rose to approximately $80 per barrel as of 0550GMT after both nations conducted fresh missile and drone strikes over the weekend.

According to Anadolu Agency, the US launched its fourth round of attacks against Iran in a week on Sunday, retaliating for an Iranian strike on a Cyprus-flagged container ship. The US Central Command reported targeting numerous locations to diminish Iran's capacity to threaten commercial vessels navigating through the strategic waterway.

In response, Iran announced that the Strait of Hormuz would remain closed 'until further notice,' although this claim was dismissed by CENTCOM. Iran's Islamic Revolutionary Guard Corps declared early Monday that it had targeted two military bases in Kuwait, inflicting damage on fuel tanks, Patriot air defense systems, and radar equipment. Additionally, Tehran reported strikes on US military facilities in various Gulf countries, while explosions were observed in the southern Iranian port city of Bandar Abbas just before the US Central Command concluded its latest round of strikes.

The Iranian army also claimed it successfully shot down a US drone over Bandar Abbas. In the wake of last week's renewed hostilities, oil prices have rebounded, reversing some of the losses incurred due to an interim US-Iran agreement that initially suggested safer transit through the Strait of Hormuz and increased regional energy supplies. However, this latest escalation has dampened hopes for renewed negotiations, with Tehran insisting that Washington first adhere to previous commitments regarding the Strait of Hormuz shipping and Iranian oil exports.