The price of oil is expected to soar on Monday despite a pledge by major oil-producing nations to increase production as the US-Israel war on Iran and effective closure of the strait of Hormuz rattle investors.

US crude oil is on track to rise by 9% when trading resumes, according to data from the broker IG. The jump comes despite Opec+, the cartel of oil producers, agreeing on Sunday to step up oil output by more than expected to counter the impact of the conflict.