Investors worried due to US attack on Iran, oil prices rise
Business Business: Oil prices jumped during a volatile trading session on Monday, after the United States decided to join Israel in attacking Iran’s nuclear facilities over the weekend. The surge has raised concerns about potential disruptions to global oil supplies.
By 1000 GMT, Brent crude futures rose 78 cents, or 1.01%, to $77.79 a barrel. U.S. West Texas Intermediate (WTI) crude rose 76 cents, or 1.03%, to $74.60.
President Donald Trump said U.S. forces had “destroyed” Iran’s key nuclear sites in coordinated strikes with Israel. The attacks, which included new Israeli airstrikes targeting Tehran and the Fordow nuclear facility on Monday, marked a significant escalation in tensions in the Middle East. In response, Iran vowed to defend itself and warned that the U.S. strikes had broadened the scope of legitimate military targets.
Iran, the third-largest oil producer in OPEC, condemned the US action, with officials calling President Trump a “gambler” for aligning himself with Israel. China also criticised the attacks, saying they undermined US credibility and warned the situation could spiral out of control.
