Global oil prices rose sharply on Monday after the United States and Iran exchanged fresh military strikes, raising concerns over potential disruptions to energy supplies in the Middle East. Brent crude, the international benchmark, climbed more than 3% to around $78.50 per barr…
Global oil prices rose sharply on Monday after the United States and Iran exchanged fresh military strikes, raising concerns over potential disruptions to energy supplies in the Middle East. Brent crude, the international benchmark, climbed more than 3% to around $78.50 per barrel, while US West Texas Intermediate (WTI) crude also gained over 3% to trade near $73.70 per barrel. The latest escalation saw the US military launch new attacks on southern Iran as tensions over the Strait of Hormuz continued to grow. Iranian state media reported explosions in the port cities of Bandar Abbas, Sirik and Jask, as well as on Qeshm Island. Analysts said markets are closely monitoring developments, with investors concerned that any disruption to oil flows from the Gulf could further tighten global supply and push prices higher. The renewed volatility follows a series of tit-for-tat attacks between the US and Iran, adding to uncertainty in global energy markets. (Newswire)