Oil prices surge, but no panic yet, as Iran war continues

Global crude oil prices briefly surged past 9% late Monday, and stocks fell temporarily as the war with Iran continued its third day.

Brent crude, the global benchmark, was trading in the high $70s on Monday morning following the effective halt of tanker traffic through the Strait of Hormuz.

That's a sharp rise from before the U.S. and Israel attacked, but far from a worse-case scenario.