Oil prices soared after the escalation in the Middle East over the weekend, with Brent rising to its highest level since January 2025, DPA reported, BTA reported.
Brent for April delivery rose 14% in the first minutes of trading to $82.37 a barrel, while US light crude WTI also posted a double-digit increase. After the initial surge, quotes fell slightly but remained about 9% higher than the previous market session.
The rise comes after Israel and the United States carried out attacks on Iran over the weekend that killed, among others, Iran's Supreme Leader Ali Khamenei. Iran responded with retaliatory strikes and restricted shipping through the Strait of Hormuz - a key route for global energy trade.
About a fifth of the world's daily oil supplies pass through the strait, and any disruption could push up energy prices and shake global markets.
Yesterday, the countries that form the core OPEC+ group of producers decided to increase daily output to prevent shortages and limit excessive price spikes.