Oil prices continued to soar on Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.

The price for a barrel of Brent crude, the international standard, surged to as high $119.50 per barrel early in the day but later was trading above $101 per barrel, up 9%. West Texas Intermediate, the light, sweet crude oil produced in the United States, also soared above $119.48 per barrel before falling back closer to $100.

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