Brent Oil Prices Surge Amid Iran, Israel War
(MENAFN) The value of Brent crude oil experienced a notable surge of more than 11 percent over the past week, driven by the intensifying armed conflict between Iran and Israel.
On June 9, the Brent oil benchmark was priced at USD66.2.
However, by 0700 GMT on Monday, it had increased significantly to USD73.7, marking a 11.3 percent rise.
The growing hostilities between Israel and Iran are amplifying global anxiety over the stability of oil distribution in the Middle East.
This includes potential disturbances to supply routes throughout the region, particularly in the Strait of Hormuz—an essential corridor for the world’s energy shipments.
Simultaneously, the cost of Texas crude also climbed by 12 percent during the same timeframe, reaching USD71.6.
This latest uptick in conflict stems from Israeli airstrikes carried out on Friday, targeting Iranian missile and nuclear sites.
These attacks led to the deaths of military leaders and scientists.
In retaliation, Iran launched ballistic missiles, resulting in Israeli fatalities and destruction of property.
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