India, July 13 -- Oil prices rose on Monday after the conflict between the United States and Iran became more intense over the weekend, raising fears that global oil supplies could be disrupted. Brent crude oil, the international benchmark, climbed to around $77-$78 per barrel on Monday. This is about 7% higher than before the war began.

Wall Street is closely watching the Middle East conflict because higher oil prices could affect inflation, interest rates and the global economy, according to Fortune. The biggest concern is the Strait of Hormuz, one of the world's most important shipping routes for oil. Around 20% of the world's oil passes through this narrow waterway.

Ship traffic through the Strait of Hormuz has fallen sharply. Only ...