Fresh Israeli strikes on Iran push up oil price by $4
Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier.
This has far reaching implications for the global market as prices of petrochemical products may surge in the coming days.
Brent crude futures rose $4.42 or 4.47% to $97.15 a barrel as of 0609 GMT, while U.S. crude futures were up $4.07 or 4.50% at $94.61 per barrel.
Israel said on Monday it hit a petrochemical plant in Iran’s southwest, along with strikes elsewhere on military targets. That’s despite U.S. President Donald Trump reportedly telling Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
Iran has retaliated thus spiking tension in the region.
-REUTERS