Pakistan, March 9 -- Global oil prices surged sharply on Monday, climbing more than 25% to their highest levels since mid-2022 as escalating geopolitical Strait of Hormuz tensions in the Middle East disrupted supply and alarmed energy markets.

Benchmark Brent crude rose nearly 27% to $117.65 per barrel in early trading, while US West Texas Intermediate (WTI) crude jumped about 28% to $116.62. During the session, both benchmarks briefly touched around $119 per barrel, marking one of the largest single-day gains in recent history. The spike follows strong increases last week, when Brent rose 27% and WTI gained over 35%.

Markets have grown increasingly nervous as the conflict between the United States, Israel, and Iran unfolds near the st...