Oil prices surged by 4% at the start of trading on Asian stock exchanges on Monday before moderating, amid fears of supply disruptions due to the conflict between Iran and Israel.
Prices rose following U.S. attacks targeting Iranian nuclear facilities over the weekend and Tehran’s retaliation threats sparked concerns.
Early in the day, American WTI crude oil barrel increased by 2.53% to $75.71, after surpassing $77, while North Sea Brent crude rose by 2.42% to $78.87, after exceeding $81, its highest level in the past six months.
Israel has been conducting an offensive against Iran since June 13, citing the advancement of Iran’s nuclear program and the threat posed by Tehran’s ballistic missile production.
Iran has consistently denied developing nuclear weapons and asserts its right to conduct peaceful nuclear activities.
Tel Aviv’s attacks have destroyed Iranian nuclear infrastructure and claimed the lives of senior military commanders and scientists involved in the nuclear program.
Tehran has responded with missile strikes on major Israeli cities and various military installations across the country.
On Saturday night into Sunday, the United States became militarily involved in the conflict, deploying B-2 bomber aircraft. According to the Pentagon, these efforts succeeded in “eliminating” Iran’s nuclear ambitions.
The attacks “will have eternal consequences,” warned the Iranian diplomatic chief, Abbas Araghchi, asserting that Tehran keeps “all options open to defend its sovereignty, interests, and people.”
