Oil prices surged around 25% on Monday to their highest since mid-2022, with Brent on track for a record one-day gain, while gold fell 2% as an escalating Iran war squeezed world energy supplies, boosted the dollar and dampened hopes of interest-rate cuts. Agriculture markets, led by edible oils, rose as they took their cue from oil prices due to the extensive use of vegetable oils in making biofuels. Aluminium firmed on supply worries even as other metals faced headwinds from a stronger dollar.
