NEW DELHI: Oil prices jumped on Monday to their highest since January as the US’s weekend move to join Israel in attacking Iran’s nuclear facilities stoked supply concerns.
Both contracts rose by more than 3 percent earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some gains.
By 12:21 p.m. Saudi time, Brent crude futures were up 5 cents or 0.06 percent to $77.06 a barrel, while US West Texas Intermediate crude advanced 0.02 cents or 0.03 percent to $73.86.
The rise in prices came after US President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself.
Iran is OPEC’s third-largest crude producer.
