Crude Oil Price Trade Higher Amid Rising Tension Between Israel and Iran

Oil prices surged sharply during early Asian trading on Monday, driven by escalating U.S. strikes on Iran that intensified concerns over potential supply disruptions in the Middle East. However, crude futures later trimmed some of their initial gains amid market uncertainty.

By 20:05 ET (00:05 GMT), Brent crude for August delivery had climbed 2.4% to $79.00 per barrel, while West Texas Intermediate (WTI) futures rose 2.5% to $73.84 per barrel. Both benchmarks had initially jumped nearly 4%, reaching their highest levels in four months, with Brent briefly touching $81 a barrel. At 09:35 AM IST, Brent Crude was trading higher 1.95% to $78.51

The market pullback reflected cautious sentiment as investors awaited clearer signals on Iran’s response and the U.S. administration’s stance toward a possible broader conflict with the Islamic Republic.

U.S. Strikes Target Iran’s Nuclear Facilities Amid Rising Tensions

Over the weekend, US launched a series of airstrikes against three of Iran’s key nuclear sites, provoking strong condemnation and threats of retaliation from Tehran. In response, Iran reportedly launched missile attacks targeting Israel in the early hours of Monday.

Iranian state media indicated that the country is considering closing the Strait of Hormuz as a countermeasure. This strategic waterway is a vital artery for global oil shipments, and its closure could severely disrupt energy flows from the region.

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The ongoing escalation between Israel and Iran, now in its 11th day, continues to underpin bullish sentiment in oil markets, with traders closely monitoring the potential for significant supply interruptions.

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