Oil Prices Surge 8% Amid Middle East Escalation and Strait of Hormuz Fears
Brent crude hits $78.22 and WTI $71.62 after US, Israeli strikes on Iran and Iranian attack on Saudi Aramco refinery, raising global supply.
Key Points
- Brent crude +8.03% to $78.22, peaked at $82.37; WTI +8.42% to $71.62
- Iran struck Saudi Aramco's Ras Tanura refinery amid US/Israeli strikes on Iran
- US DOT advises avoiding Strait of Hormuz, Persian Gulf, and nearby seas
- Gold +1.9% to $5,378.88/oz as safe-haven amid supply disruption fears
Oil prices surged more than 8% on Monday amid escalating conflict in the Middle East, with markets focusing on the Strait of Hormuz, through which nearly 20% of global crude flows.
Brent crude climbed 8.03% to $78.22 per barrel following US and Israeli strikes on Iran, a key OPEC+ producer that controls the strait. Early morning trading saw the benchmark touch $82.37—a gain exceeding 13%—in initial reaction to the weekend escalation. West Texas Intermediate (WTI) rose 8.42% to $71.62 ahead of the official market open.
Iran struck Saudi Arabia's Aramco Ras Tanura refinery—one of the kingdom's largest—this morning, as shown in attached video footage. Analysts highlighted risks of supply disruptions if the strait becomes a flashpoint.
The US Department of Transportation urged commercial vessels to avoid the Strait of Hormuz, Persian Gulf, Gulf of Oman, and Arabian Sea.
Precious metals, viewed as safe-haven assets, also advanced. Gold gained 1.9% to $5,378.88 per ounce after peaking at $5,393.28 overnight, while silver rose 1.35% to $95.05. Copper edged up 0.16% to $13,391 on London's futures market, per Bloomberg data.
Original Sources
This article was aggregated from the following Catalan-language sources: