Noida, June 8, (APAC Media): Oil prices jumped more than 3% on Monday as escalating tensions between Iran and Israel reignited concerns over potential disruptions to crude supplies from the Middle East, particularly through the strategically vital Strait of Hormuz.
The latest escalation has renewed market concerns about the security of oil shipments through the Strait of Hormuz, one of the world’s most important energy transit routes.
Brent crude gained to trade above $96 per barrel, while U.S. benchmark WTI crude advanced beyond $93 per barrel.
Market analysts said the rally was driven by concerns that the latest conflict could further destabilise the Middle East and disrupt the flow of oil and liquefied natural gas exports from the region.
The latest escalation followed a series of Iranian missile strikes on Israeli targets and Israeli airstrikes on military facilities inside Iran, further heightening regional tensions and raising concerns that the fragile ceasefire framework could unravel. The exchange of attacks has also increased uncertainty among investors over the security of critical energy infrastructure in the Middle East.
The Strait of Hormuz continues to draw global attention, with nearly a fifth of the world’s oil passing through the strategic waterway, leaving markets sensitive to any potential disruption. Uncertainty over shipping conditions and reported transit constraints has contributed to increased volatility.
U.S. President Donald Trump called for restraint amid the escalating crisis, expressing confidence that diplomatic efforts could still succeed. “I believe we can get a peace deal done, and it will happen sooner than people think,” Trump said, urging both sides to avoid actions that could further destabilise the region.
Energy experts said that if the conflict persists and shipping disruptions worsen, oil prices could extend gains in the coming weeks, potentially stoking inflationary pressures and raising costs for consumers and businesses worldwide.
Investors are closely tracking developments in the Middle East as governments pursue diplomatic efforts to avert a broader regional conflict.
News Agency Inputs
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Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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