Oil settles up by more than 2.5% as US and Iran resume military attacks
Brent rose as high as US $91.52 during the session
Brent crude prices surged over 2.5% on Monday after the US and Iran resumed military attacks, reigniting fears of supply disruptions in the global oil market. The conflict, now in its sixth month, saw the two nations extend hostilities, with Iran attacking US bases in Jordan and the US threatening retaliation. US President Donald Trump vowed a "hard" response, stating, "We're going to hit them hard," according to a Fox News reporter.
Despite Trump's claims that the Strait of Hormuz, responsible for a fifth of global oil supplies, would be reopened, shipping data showed only five vessels passing through over the weekend. US Treasury Secretary Scott Bessent emphasized that US sanctions on Iran aim to create conditions for negotiations to ease supply concerns. Oil prices reached a peak of $91.52 per barrel during the session, with West Texas Intermediate crude settling at $85.76 per barrel.
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Also reported by 2 other outlets
- Oil settles up by more than 2.5% as US and Iran resume military attacks businesstimes.com.sg
- Oil settles up by more than 2.5% as US and Iran resume military attacks channelnewsasia.com
