Global oil prices spiked by more than 2 percent on Monday as markets reacted to the United States' bombing of three Iranian nuclear facilities, introducing new tensions to an already volatile Middle East region.
According to data from Oilprice.com, crude prices jumped significantly as trading commenced. Brent crude futures reached $78.99 per barrel, up from Sunday's $77.07, while West Texas Intermediate futures climbed to $75.81 per barrel from $73.83 - representing increases of approximately 2.5% and 2.7% respectively.
US Military Action Escalates Regional Tensions
President Donald Trump announced on Saturday that American forces had successfully targeted Iran's Fordow, Natanz, and Isfahan nuclear sites. The military action marks a significant escalation in the ongoing Israel-Iran conflict, with Iranian authorities promptly vowing retaliation.
BenriNews previously reported that oil prices were likely to experience volatility as the Israel-Iran conflict intensified with direct US involvement. The latest price surge confirms these predictions as markets respond to heightened geopolitical risks in one of the world's most critical oil-producing regions.
International Response
The strikes have prompted varied international reactions. France, Germany, and the United Kingdom have urged Iran to resume nuclear talks, while Qatar has called for de-escalation and a return to diplomacy. UK Prime Minister Keir Starmer has also encouraged Iran to re-engage with nuclear negotiations following the US military action.
Meanwhile, Iranian President Pezeshkian stated that the US "must receive a response" to the nuclear strikes, raising concerns about potential retaliatory measures that could further destabilize the region and impact global energy markets.
Energy analysts are closely monitoring the situation, with some experts outlining several possible ways Iran might retaliate against the US attack, each carrying implications for regional security and global oil supply chains.
The oil price increase reflects market concerns about potential supply disruptions should the conflict escalate further in the coming days and weeks.
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