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Oil prices jump following latest US-Iran attacks
Oil prices rose nearly 1 percent in early trading, extending the sharp gains seen in the previous session, as concerns over potential supply disruptions intensified following overnight strikes involving the United States and Iran.
Brent crude futures rose 87 cents, or 0.92 percent, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures climbed 80 cents, or 0.89 percent, to $91.02 a barrel.
Both benchmarks surged by more than $4 in the previous session, with Brent recording its biggest one-day gain since July 24 and WTI its largest since July 23.
The latest price moves reflect growing uncertainty over the security of oil supplies from the Middle East, a region that accounts for a significant share of global crude production and exports. Traders are closely watching whether the latest US-Iran escalation remains limited or develops into a broader conflict that could disrupt production, exports or shipping routes.
The prospect of prolonged tensions is adding to pressure on oil markets, which have been particularly sensitive to developments that could threaten energy infrastructure or the movement of crude through key regional waterways.
A sustained disruption to supplies could push prices significantly higher, raising the risk of renewed inflationary pressure for economies and consumers already facing elevated energy costs.
For now, markets remain focused on the scale and duration of the latest military escalation, as investors assess whether the oil-price surge will prove temporary or develop into a more sustained rally.