Global oil prices jumped sharply after US and Israeli attacks on Iran over the weekend escalated tensions into a broader regional crisis, triggering fears of supply disruptions across the Middle East.
Brent crude surged as much as 12%, climbing past the $80 per barrel mark, while US West Texas Intermediate (WTI) rose around 8% to trade above $72 per barrel.
Brent had already closed Friday’s session above $72 per barrel, a seven-month high, and had gained nearly 19% in the first two months of 2026. Monday’s rally pushed Brent back above $80 for the first time since June last year, when an earlier round of Israeli strikes on Iran led to a 12-day confrontation.
The latest escalation follows coordinated strikes by the US and Israel on Iranian targets, prompting Tehran to retaliate with missile and drone attacks across several Gulf countries. Reported targets included key locations in the United Arab Emirates, Qatar, Bahrain, and Saudi Arabia, heightening concerns about the security of energy infrastructure and shipping routes in the region.
Investors are closely monitoring the situation for potential disruptions to crude exports through the Strait of Hormuz, a critical artery for global oil supplies. Any sustained conflict in the region could further tighten markets already grappling with supply risks and geopolitical uncertainty.
