Oil prices rose more than 2% on Monday following renewed military strikes between the United States and Iran, raising concerns over potential disruptions to energy shipments through the Strait of Hormuz. Brent crude climbed to $77.68 per barrel, and U.S. West Texas Intermediate rose to $73.00. While Iran announced the closure of the strategic waterway, U.S. President Donald Trump insisted that the route remains open to commercial traffic. Markets remain volatile as analysts weigh the long-term impact of potential pipeline bypass projects against ongoing regional instability.