Nigeria, March 2 -- Oil prices surged on Monday while global equities slid, as escalating hostilities between the United States, Israel, and Iran rattled energy markets and heightened fears of a prolonged supply disruption in the Middle East.

Benchmark crude grades recorded sharp gains in early trading. West Texas Intermediate (WTI), the US light sweet crude, rose to $72.79 per barrel, up 8.6 per cent from about $67 on Friday, according to data from the CME Group, Al Jazeera reported.

Brent crude, the international benchmark, climbed 9 per cent to $79.41 per barrel from $72.87 on Friday - a seven-month high - based on figures from FactSet.

The rally followed US and Israeli strikes on Iranian targets and retaliatory missile attacks by I...