Oil jumps as Iran conflict escalates, disrupts shipping
CNBC
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
Oil prices jumped 7% to their highest levels in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.
Brent crude futures shot up to $82.37, the highest since January 2025, in the first futures trading after the U.S. and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. As of 0054 GMT, Brent futures were at $78.24 a barrel, up $5.37, or 7.37%.
U.S. West Texas Intermediate crude rose $4.66, or 6.95%, to $71.68 a barrel after touching $75.33 earlier, the loftiest since June 2025.
Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran.
The yen and euro were lower on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports.
Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz,
European stocks are expected to start the new trading week firmly in negative territory.
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
Gold prices rose on Monday after the U.S. and Israel launched strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global uncertainty.
Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.
European markets finished mixed as more earnings reports and economic data were in focus.