Oil prices surge 10% as US-Iran conflict reignites

Oil prices surged 10% Monday, the largest single-day increase since 2020, driven by renewed US-Iran conflict. US President Donald Trump announced re-imposing a blockade and tolls on the Strait of Hormuz, ending a month-long ceasefire, while Iranian hardliners gain strength amid anti-US sentiment. An analyst stated the likelihood of returning to pre-conflict norms is effectively zero.