Crude oil prices surged 15% since Friday, driven by escalating Middle East tensions after U.S. and Israeli strikes on Iran heightened supply disruption fears. The Strait of Hormuz, handling 20% of global seaborne oil, faces threats of closure following Iran's retaliatory warnings. Iran's threats extend beyond Hormuz, with analysts warning of potential attacks on regional energy infrastructure causing prolonged outages.

Technical analysis shows prices nearing critical breakout levels above $72.50, with key targets at $75.66, $76.90, and $83.50. A decisive move above $76.90 could signal further gains towards the 2022-to-2025 Fibonacci retracement at $83.50.