Crude oil futures advanced on Monday morning, driven by renewed military strikes between the United States and Iran that began on Thursday.
The escalation has reignited market anxieties regarding potential disruptions to critical energy supply routes in the Middle East, prompting a risk premium in global oil prices.
32 per barrel, while West Texas Intermediate (WTI) settled at $70.
Brent crude traded at $73.32 per barrel, while West Texas Intermediate (WTI) settled at $70.07.
The price movement reflects immediate market sensitivity to geopolitical instability in the region, where any threat to infrastructure or shipping lanes can quickly translate into supply-side volatility.
The development marks a significant shift in the ongoing conflict, with reports indicating that both the US and Iran have temporarily ceased attacks.
However, the brief respite has not yet calmed investor sentiment, as traders remain cautious about the durability of the pause and the potential for further escalation.