Oil Prices Just Added $11.42 a Barrel, One of Their Biggest Daily Gains Ever
Oil prices have surged after the US-Israel attacks on Iran and Tehran's retaliation, with Brent crude rising as much as 13% on Monday. The conflict has raised concerns about a potential disruption to oil supply, particularly through the Strait of Hormuz, which could lead to prices breaching $100 per barrel.
Oil markets are bracing for sharp price spikes after the US-Israel attacks on Iran. Iran's role as a major producer and its strategic position near the Strait of Hormuz are keeping traders on edge. The strait, which carries around one-fifth of oil consumed globally, has seen commercial traffic come to a halt. Saudi Arabia's Aramco shut its biggest domestic oil refinery after it was targeted by Iranian drones. Oil prices had already risen to their highest levels in months ahead of the latest war. The OPEC+ group agreed to boost production from April to calm markets.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.