Oil Prices Surge Over 3% After Iranian Missile Strikes on Israel

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Tokyo: Oil prices climbed by more than 3% on Monday as markets responded to renewed Middle Eastern tensions following Iranian missile strikes on Israel, fuelling concerns about possible disruptions to global energy supplies.

Brent crude, the worldwide benchmark, increased 3.29% to approximately $96.15 per barrel in early trading, while U.S. West Texas Intermediate (WTI) crude rose 3.25% to around $93.48 per barrel.

The breakthroughs came after Iran fired multiple missiles at Israel on Sunday, its first direct attack since the April ceasefire. The escalation has raised concerns that the conflict could threaten oil shipments through important regional routes, particularly the Strait of Hormuz, a critical route for global energy exports.

According to analysts, traders are keeping a close watch on events in the area because they are concerned that any further military action could lower the amount of oil available globally and raise the price of petroleum.

The most recent increase is part of a larger surge in energy markets caused by geopolitical concerns in the Middle East, one of the major oil-producing regions in the globe.