Global oil prices climbed Monday as fresh tensions in the Middle East rattled markets following Iran’s missile launches at Israel, stoking concerns about potential disruptions to regional stability.
Brent crude futures rose approximately 2.6 percent to around 95 dollars per barrel in early Asian trading, market data showed. The increase came after Iran launched multiple waves of missiles at Israel on Sunday evening, in what Iranian officials described as a “warning strike.”
Israel’s military said it intercepted the incoming missiles. Israeli Defense Forces Chief of Staff Eyal Zamir said the military “will strike the enemy with determination as soon as the order is given.”
The White House urged both sides to exercise restraint. President Donald Trump called for a return to negotiations, according to a statement released by the National Security Council. U.S. officials confirmed that no American assets were involved in the exchange.
The Strait of Hormuz handles approximately one-fifth of the world’s oil transit. Any escalation in tensions has the potential to affect global energy supplies.
Diplomatic efforts to reach a broader peace agreement between the United States and Iran continue. Officials from both sides have engaged in largely indirect negotiations, with Tehran seeking access to frozen oil revenue and relief from sanctions as conditions for any comprehensive deal.