By Boluwatife Oshadiya | March 9, 2026 Key Points Main Story Global oil benchmarks surged sharply on Monday as the escalating U.S.-Israeli war with Iran continued to throttle shipments through the Strait of Hormuz, the critical chokepoint for about 20% of world oil trade. Brent crude, the international benchmark, climbed more than 15% to trade … Continue reading Oil Prices surge past $107 as Iran conflict chokes Strait of Hormuz supplies