Oil prices jumped in early Asian trade on Monday after Israel and Iran launched fresh attacks on Sunday, heightening fears that escalating battle could trigger a broader regional conflict and widely disrupt oil exports from the Middle East.
Brent crude futures rose $2.37, or 3.2%, to $76.60 a barrel, while US West Texas Intermediate crude climbed $2.39, or 3.3%, to $75.37. They surged more than $4 earlier in the session.
Both benchmarks settled 7% higher on Friday, having surged more than 13% during the session to their highest levels since January.
The latest exchange of strikes between Israel and Iran resulted in civilian casualties and intensified fears of a broader regional conflict, with both militaries urging civilians on the opposing side to take precautions against further strikes.
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Oil prices rise as Israel-Iran conflict heightens fears of supply disruptions
- by: Reuters
- 2025-06-15
- Source:
NY Post
- 06/20/2025
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