Brent crude jumped up to 7% reaching $97.50 per barrel after US seized Iranian ship and Hormuz closure.
Tehran reopened Strait of Hormuz over weekend, then shut it within 24 hours, causing oil prices to tumble over 9% on Friday.
US President Donald Trump announced the military seized the Iranian‑flagged vessel, while Iran vowed retaliation and the US blockaded Iranian ships.
OCBC analysts warned of near‑term risk wobble, USD rebound and elevated tail risk as the conflict keeps crude underpinned.