Oil Prices Jump 4%, Mark Biggest Surge Since Mid-May Amid Escalating West Asia Tensions
Brent nears $97 per barrel while WTI approaches $94 after fresh military strikes raise fears of prolonged instability in West Asia.
Iran, June 08 : Global crude benchmarks climbed sharply on Monday, recording their strongest gains in weeks as renewed hostilities between Iran and Israel heightened concerns over energy supply disruptions in the region.
The rally came after Iran launched ballistic missiles towards northern Israel, prompting a retaliatory response from the Israeli Air Force. Israeli authorities said their fighter jets targeted military installations linked to Iran in the country’s western and central regions, signaling a further escalation in tensions.
The latest exchange of attacks has intensified market uncertainty, with investors closely monitoring developments for any potential impact on oil production and transportation routes across the Middle East.
At the time of writing, Brent crude was trading close to $97 a barrel, while West Texas Intermediate (WTI) crude hovered near $94 a barrel. The sharp advance marked the biggest single-session increase since mid-May, reflecting growing concerns that the conflict could persist without an immediate diplomatic breakthrough.
Analysts noted that any prolonged instability in the region could keep energy markets on edge, particularly given the Middle East’s critical role in global oil supplies.
