Oil surged 9% on Monday after retaliatory Iranian attacks disrupted shipping in the crucial Strait of Hormuz following the weekend's bombing by Israel and the United States that killed Iranian Supreme Leader
Oil surged 9% on Monday after retaliatory Iranian attacks disrupted shipping in the crucial Strait of Hormuz following the weekend's bombing by Israel and the United States that killed Iranian Supreme Leader Ali Khamenei.
A sustained jump in prices would threaten a global economic recovery, spur inflation and could push up U.S. retail gasoline prices, a risky result for President Donald Trump ahead of midterm elections this November.
The price surge on the restart of trading after the weekend, however, was less than some analyst predictions.
Brent crude futures rose as much as 13% to $82.37 a barrel, their highest since January 2025, before retreating to trade up $6.00, or 8.2%, at $78.87 a barrel by 0919 GMT.
U.S. West Texas Intermediate crude climbed to an intraday high of $75.33, up more than 12% and its highest since June, though it later pared gains and was up $5.15, or 7.7%, at $72.17.
"The latest move reflects uncertainty around the scale and duration of the current conflict and recognises that Iran’s political future may have major implications for the stability of the Middle East," said James Hosie of Shore Capital.
On Sunday, some analysts had predicted oil would open on Monday
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