Oil prices hit highest since 2022

Global oil prices have reached their highest level since 2022 after the outbreak of war involving United States and Israel against Iran.

On Monday, prices of crude oil rose above $119 per barrel.

The oil market has become highly volatile as oil-producing countries reduced supply and Iran closed the Strait of Hormuz.

According to Reuters, Brent crude futures rose by $12.77, or 14 percent, to $105.46 per barrel on Monday.

Meanwhile, West Texas Intermediate crude futures increased by $12.66, or 14 percent, to $103.56 per barrel.

During the extremely volatile trading session, Brent crude prices at one point climbed to $119.50 per barrel, marking the largest single-day price surge on record. WTI prices also rose to as high as $119.48 per barrel during the session.

Since February 28, when the United States and Israel launched attacks on Iran, Brent crude prices have increased by 66 percent and WTI prices by 77 percent.

Data from London Stock Exchange Group shows that oil prices previously reached a record high of $147 per barrel in 2008.