Global oil prices rose sharply after the United States launched military strikes on Iran’s key nuclear facilities. The sudden escalation triggered fears of broader conflict in the Middle East, a region central to global oil supply.
According to early trading figures on Monday, Brent crude rose to $78.99 per barrel, up from $77.07. Similarly, West Texas Intermediate crude reached $75.81 per barrel, rising from $73.83 the previous day.
The increase, which exceeds 2%, reflects market fears of instability and supply disruptions in the oil-producing region.
The price surge followed President Donald Trump’s announcement on Saturday that U.S. military forces had bombed Iran’s nuclear facilities in Fordow, Natanz, and Isfahan. Trump declared the operation successful, claiming all American aircraft had exited Iranian airspace safely.
Iran quickly vowed to retaliate. The threat of further attacks or counterattacks added to market uncertainty and increased jitters about oil supply from the region.
Traders responded by raising prices, anticipating possible disruptions if the crisis continues or spreads.
Middle East tensions have historically affected oil prices due to the region’s role in global energy exports. In this case, fears of war deepening between Iran, the U.S., and regional actors like Israel have caused renewed anxiety.
Market analysts predict prices may rise further if the situation worsens or if Iran’s oil infrastructure is targeted.
Any move against key shipping routes, such as the Strait of Hormuz, as Iran threatened, could also have major consequences for the global economy.
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