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Energy analysts warned that there was no limit for oil prices as they rose in response to the war in the Middle East.
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European stocks started the new trading week sharply lower as traders tracked developments in the Middle East and a surge in oil prices.
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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."
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Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz
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Oil prices surged about 20%, hitting their highest since July 2022.
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Oil continued its recent surge Sunday, hitting $100 per barrel for the first time since July 2022 as the ripple effects from the U.S. war on Iran continued to hit global markets.
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