Iran-Israel escalation pushes price of Brent oil over 11% in week

Brent oil price at $73.7, Texas crude oil $71.6 as of 0700GMT

By Gokhan Ergocun

ISTANBUL (AA) - The price of Brent oil rose by over 11% week-on-week on Monday, related to the ongoing Iran-Israel armed conflict.

While it stood at $66.2 on June 9, it reached $73.7 on Monday as of 0700GMT, up by 11.3%.

The escalating tensions between Israel and Iran are heightening concerns about the security of the oil supply in the Middle East, including possible disruptions to regional supplies, as well as in the Strait of Hormuz, which is critical to global energy trade.

The Texas crude oil price also rose by 12% over the same period, to $71.6.

The latest escalation between Israel and Iran follows Israeli strikes Friday on Iranian nuclear and missile facilities that killed military commanders and scientists, prompting Iran to retaliate with ballistic missiles that caused Israeli casualties and property damage.

Kaynak:

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