WTI and Brent crude prices jump over 4% amid renewed military strikes and persistent geopolitical risks in the Middle East.
Oil prices climbed sharply at the start of the week as US-Iran tensions escalated, with WTI crude rising 4% to $74.33 and Brent crude up over 4% to $79.10. The Strait of Hormuz remains effectively closed, amplifying supply concerns amid ongoing military exchanges between the two nations.
The conflict has persisted for over three weeks despite a prior ceasefire agreement, with both sides failing to resume negotiations. Earlier assurances of a swift resolution have proven inaccurate, leaving markets to grapple with prolonged uncertainty.
The risk-off sentiment spilled into broader markets, triggering selloffs in equities, bonds, and precious metals as investors weighed the potential for further disruptions in global oil supplies.