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Oil prices rise 3% amid export disruption fears

By Reuters
Oil prices settled 7% higher on Friday, having surged more than 13% during the session to their highest levels since January Majid Asgaripour/WANA via Reuters
Smoke rises following an Israeli attack on an oil refinery in southern Tehran, Iran. Oil prices settled 7% higher on Friday

Oil prices jumped in early Asian trade on Monday after Israel and Iran launched fresh attacks on Sunday, heightening fears that the escalating battle could trigger a broader regional conflict and widely disrupt oil exports from the Middle East.

Brent crude futures rose $2.37, or 3.2 percent, to $76.60 a barrel by 22:07 GMT, while US West Texas Intermediate crude climbed $2.39, or 3.3 percent, to $75.37. They surged more than $4 earlier in the session.

Both benchmarks settled 7 percent higher on Friday, having surged more than 13 percent during the session to their highest levels since January.

The latest exchange of strikes between Israel and Iran resulted in civilian casualties and intensified fears of a broader regional conflict, with both militaries urging civilians on the opposing side to take precautions against further strikes.

German Chancellor Friedrich Merz said he hoped a meeting of the Group of Seven leaders convening in Canada on Sunday would reach an agreement to help resolve the conflict and keep it from escalating.

Meanwhile, Iran has told mediators Qatar and Oman that it is not open to negotiating a ceasefire while it is under Israeli attack, an official briefed on the communications told Reuters on Sunday, as the two foes launched fresh attacks.

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