Oil prices jumped by more than eight percent on Monday, reaching their highest levels in months, as Iran and Israel intensified attacks in the Middle East, damaging oil tankers and disrupting shipping operations in the crude-producing region.
Brent crude futures rose to $82.37 per barrel, settling at $79.34 — an increase of $6.47, or 8.88 percent, as of 23:05 GMT.
U.S. West Texas Intermediate (WTI) crude climbed by $5.36, or about eight percent, to $72.38 per barrel after earlier hitting a session high of $75.33.
Israel launched a new wave of strikes against Iran on Sunday, while Tehran responded with additional missile attacks, a day after the killing of Iran’s Supreme Leader Ali Khamenei. The developments have deepened uncertainty across the Middle East and the global economy.
Shipping sources and officials reported on Sunday that at least three tankers were damaged off the Gulf coast, and one sailor was killed during Iran’s response to U.S. and Israeli strikes.
— Reuters
