Oil benchmarks surge 4% after U.S. strikes on Iran and Iranian retaliation raise fears of prolonged Middle East disruptions.
Brent Crude futures climbed 4% to $79 per barrel in Asian trading Monday, reaching a three-week high. The rally followed U.S. airstrikes on Iran and Iranian claims of closing the Strait of Hormuz, alongside retaliatory strikes on U.S. allies in the region.
Prior to the escalation, Brent had traded near $76, while WTI hovered around $71.50. The last comparable spike occurred in early April amid similar geopolitical tensions, though this weekend’s hostilities appear more sustained.
WTI Crude, the U.S. benchmark, rose 4.13% to $74.36 a barrel, reflecting broad market anxiety over potential supply chain disruptions in the Middle East.