Oil prices surged above $80 on Monday as fears grow of an escalating conflict in the Middle East and possible supply disruptions in the US Gulf of Mexico from a major hurricane.
Brent crude, the global oil benchmark, rose 3.7 per cent to settle at $80.93 a barrel, the highest since August, as the Middle East braced for the possibility of Israeli strikes on Iranian oil facilities in retaliation for rocket attacks last week.
Source: Financial Times
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