Oil prices rise as Israel-Iran conflict heightens – Business News
Oil prices jumped in early Asian commerce on Monday after Israel and Iran launched recent assaults on Sunday, heightening fears that escalating battle may set off a broader regional conflict and broadly disrupt oil exports from the Middle East.
Brent crude futures rose $2.37, or 3.2%, to $76.60 a barrel, whereas US West Texas Intermediate crude climbed $2.39, or 3.3%, to $75.37. They surged more than $4 earlier within the session.
Both benchmarks settled 7% larger on Friday, having surged more than 13% during the session to their highest ranges since January.
Oil prices spiked in early Monday trading after Israel and Iran launched new assaults towards one another on Sunday. Bloomberg by way of Getty Images
Fire and smoke rise into the sky after an Israeli assault on the Shahran oil depot on June 15, 2025 in Tehran, Iran. Getty Images
The newest exchange of strikes between Israel and Iran resulted in civilian casualties and intensified fears of a broader regional conflict, with each militaries urging civilians on the opposing aspect to take precautions towards additional strikes.
A trader works on the ground of the New York Stock Exchange (NYSE) on the opening bell on June 13, 2025, in New York City. AFP by way of Getty Images
German Chancellor Friedrich Merz stated he hoped a assembly of the Group of Seven leaders convening in Canada on Sunday would attain an settlement to help resolve the conflict and keep it from escalating.
Meanwhile, Iran has instructed mediators Qatar and Oman that it’s not open to negotiating a ceasefire whereas it’s underneath Israeli assault, an official briefed on the communications instructed Reuters on Sunday, as the 2 foes launched recent assaults and raised fears of a wider conflict.
