Oil prices rise sharply after US, Israeli attacks on Iran
Al Jazeera
Brent crude is up by 9 percent amid supply concerns as Trump says strikes on Iran could last weeks.
Oil prices have risen sharply, and stocks have slid as United States and Israeli attacks on Iran and retaliatory strikes against Israeli and US military installations in the Middle East have disrupted the global energy supply chain.
West Texas intermediate, the light, sweet crude oil produced in the US, was selling at $72.79 a barrel early on Monday, up 8.6 percent from its trading price of about $67 on Friday, according to data from the CME Group.
A barrel of Brent crude, the international standard, was trading at $79.41 per barrel early on Monday, according to FactSet, up 9 percent from its trading price of $72.87 on Friday, at the time a seven-month high.
Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt as US President Donald Trump suggested that attacks would continue until US objectives were met.
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