Israel-Iran conflict top updates: Global oil prices surge to five-month high
Global oil prices surged to a five-month high on Monday amid escalating tensions in West Asia, following strikes by the United States and Israel on Iran’s nuclear facilities, Reuters reported.
The conflict escalated on Sunday when the US joined Israel’s war on Iran. President Donald Trump said that the country carried out a “very successful attack” on Iranian nuclear sites in Fordo, Natanz and Esfahan.
The United States’ decision to directly enter the conflict came more than a week after the Israeli military struck what it claimed were nuclear targets, and also other sites, in Iran with the aim of stalling Tehran’s nuclear programme. Iran retaliated with missile attacks on Israel.
Iran responded to the US strikes by threatening to expand its list of legitimate military targets.
Here is more on this and other top updates:
- The benchmark Brent crude on Monday briefly touched the price of $81.4 per barrel and US West Texas Intermediate hit $78.4, before falling marginally, Reuters reported. The prices stabilised at a about 1% gain. The volatility reflected heightened concerns about the potential disruption of fuel supplies, particularly because of the possible blocking of the Strait of Hormuz chokepoint. Around one-fifth of the world’s oil passes through the narrow strait.
- While no direct disruption to oil flows had taken place, the market was pricing in a...
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