Oil prices surged on Monday as the fallout from U.S. and Israeli military strikes on Iran rippled through global energy markets, with tanker traffic through the Strait of Hormuz already heavily impacted and military strikes continuing across the region.

In early Asian trade, Brent futures broke the $80 mark, briefly trading at $82.37 before trimming gains slightly as markets digested volatility. Similarly, WTI futures climbed rapidly, soaring past the $72 mark in early trading before dropping back to $71 at the time of writing.

The spike in oil prices comes alongside broader risk-off sentiment in financial markets. Futures tracking the S&P 500 and Nasdaq 100 pointed to roughly a 1% drop on Wall Street as trading resumed, while gold prices jumped around 2.6%, reflecting a classic flight to safe-haven assets.

Vessel traffic through the Strait of Hormuz has dried up after Iran attacked three ships, marking the first direct sign of supply being disrupted. The chokepoint, through which 20% of the world’s oil and gas flows pass, has long been a point of leverage for Iran and will be a central focus for markets as this conflict continues.