economy
Oil prices spike over 3% as Iran and Israel trade strikes, escalating regional tensions
Oil rises on Monday amid heightened tensions in the Middle East, raising concerns that the conflict may drag on.
TL;DR
- Oil prices rose over 3% on Monday due to increased tensions between Iran and Israel.
- Brent crude futures increased to $96.05 per barrel, and WTI futures reached $93.67 a barrel.
- The White House confirmed President Trump was briefed on the situation, stating missile attacks would hinder negotiations.
- An Iranian official suggested a deal with President Trump is no longer feasible.
- Iran's Parliamentary Speaker stated U.S. actions could make U.S. bases legitimate targets.
- OPEC+ agreed to increase output targets by 188,000 bpd from July.