Oil prices jumped more than 3% on Monday after Iran launched missiles at Israel, raising fears of a wider regional conflict and renewed disruption to energy supplies. The gains came despite an OPEC+ decision to increase production quotas for July.
Oil markets opened sharply higher after Iran launched ballistic missiles at Israel on Sunday, marking the first direct attack since a ceasefire between the two countries took effect in April.
Brent crude rose more than 3% to above $96 a barrel, while U.S. benchmark West Texas Intermediate climbed past $93 a barrel.
Traders reacted to concerns that the latest escalation could derail diplomatic efforts and prolong disruptions to global energy flows.
Although Israeli authorities said all incoming missiles were intercepted and no casualties were reported, investors remained focused on the risk of a broader conflict.
