Brent Oil Prices Skyrocket Amid Iran-Israel Conflict
(MENAFN) Brent crude prices skyrocketed by more than 11% week-on-week on Monday amid the intensifying Iran-Israel armed conflict, underscoring rising concerns over energy supply stability in the Middle East.
On June 9, Brent oil traded at $66.2 per barrel but surged to $73.7 as of 07:00 GMT on Monday, marking an 11.3% increase.
The ongoing hostilities between Iran and Israel have sparked fears of potential disruptions to oil shipments across the region, especially through the Strait of Hormuz — a vital chokepoint for global energy commerce.
Similarly, Texas crude prices climbed 12% over the same timeframe, reaching $71.6 per barrel.
This recent flare-up followed Israeli airstrikes last Friday targeting Iranian nuclear and missile installations, killing several military commanders and scientists. Iran responded by launching ballistic missiles that inflicted casualties and damage in Israel.
The volatile situation continues to stoke anxiety about the security of oil supply routes crucial to the world’s energy markets.
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