This surge reflects the market's concerns regarding the disruption of oil supplies from the Persian Gulf region. The Strait of Hormuz, a strategic passage that separates Iran and Oman, is a major route for global oil shipments, with approximately 20 percent of the world's total oil supply passing through the strait daily.

The Middle East is bracing for another protracted conflict after Israel's surprise bombardment on Friday of Iranian nuclear and military sites killed several of the country's top generals and

Investors are looking for evidence of supply disruption in crude markets as the conflict enters its sixth day.