U.S. and global oil prices were surging Monday after Iran reportedly suspended talks with the U.S. and closed the Strait of Hormuz in response to Israeli military operations in Lebanon.
Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn't reopen.
Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.
