Global oil prices surpass $108 a barrel on concerns Iran may have to cut production due to limited storage

Oil futures climbed Monday as the ongoing U.S.-Iran standoff and the blockade of the Strait of Hormuz fueled concerns that Iran’s crude storage is nearing capacity.

​Oil futures climbed Monday as the ongoing U.S.-Iran standoff and the blockade of the Strait of Hormuz fueled concerns that Iran’s crude storage is nearing capacity.