Global oil prices volatile - Escalation of Israel-Iran conflict shakes market and outlook
Oil prices were volatile on Monday, after rising 7% on Friday, as renewed attacks by Israel and Iran over the weekend raised concerns that the battle could spread across the region. The tensions could disrupt oil exports from the Middle East.
Brent crude futures rose 64 cents, or 0.86%, to $74.87 a barrel in early morning trade, while U.S. West Texas Intermediate crude futures gained 76 cents, or 1.04%, to $73.74. They had risen more than $4 a barrel earlier in the session and also briefly fell into negative territory.
Both indexes settled 7% higher on Friday, having risen more than 13% during the session, to their highest levels since January.
Iranian missiles struck Israel's Tel Aviv and the port city of Haifa on Monday, destroying homes and sparking concerns among world leaders at this week's G7 meeting that the battle between the sides could lead to a wider regional conflict.
An exchange of fire between Israel and Iran on Sunday resulted in civilian casualties, with both militaries calling on civilians on the opposing side to take precautions against further attacks.
Recent developments have raised concerns about disruptions in the Strait of Hormuz, a vital maritime passage.
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