Oil Prices Jump as Middle East Conflict Escalates
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Global oil prices rose sharply following continued military strikes involving Iran, the United States, and Israel, heightening concerns over energy supply disruptions and renewed inflationary pressure.
Brent crude increased 6.4% to US$77.57 a barrel after briefly surpassing US$82.00, while US crude climbed 6.13% to US$71.13.
In early Asian trading on Monday, oil prices surged more than 10%. Shortly before 07:00 GMT, Brent was up more than 8% at US$78.72 (£58.82) a barrel, and US-traded crude rose approximately 7.6% to US$72.20.
Safe-haven assets also gained, with gold rising 1.6% to US$5,360 an ounce.
The market reaction followed ongoing US and Israeli strikes on Iran and Iran’s missile responses across the region, raising concerns of wider regional escalation.
Iran has warned vessels against transiting the Strait of Hormuz, which carries around 20% of global oil and gas supplies. Shipping activity near the strait’s entrance has slowed significantly, with analysts cautioning that prolonged conflict could drive energy prices higher.
On Sunday, Opec+ agreed to increase production by 206,000 barrels per day to mitigate price pressures.
Global oil prices rose sharply following continued military strikes involving Iran, the United States, and Israel, heightening concerns over energy supply disruptions and renewed inflationary pressure.
Brent crude increased 6.4% to US$77.57 a barrel after briefly surpassing US$82.00, while US crude climbed 6.13% to US$71.13.
In early Asian trading on Monday, oil prices surged more than 10%. Shortly before 07:00 GMT, Brent was up more than 8% at US$78.72 (£58.82) a barrel, and US-traded crude rose approximately 7.6% to US$72.20.
Safe-haven assets also gained, with gold rising 1.6% to US$5,360 an ounce.
The market reaction followed ongoing US and Israeli strikes on Iran and Iran’s missile responses across the region, raising concerns of wider regional escalation.
Iran has warned vessels against transiting the Strait of Hormuz, which carries around 20% of global oil and gas supplies. Shipping activity near the strait’s entrance has slowed significantly, with analysts cautioning that prolonged conflict could drive energy prices higher.
On Sunday, Opec+ agreed to increase production by 206,000 barrels per day to mitigate price pressures.
