Oil prices surged more than 8 per cent to their highest in months on Monday (Mar 2) as Iran and Israel stepped up attacks in the Middle East.
Oil prices surged more than 8 per cent to their highest in months on Monday (Mar 2) as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.
Brent crude futures struck a high of US$82.37 a barrel and was at US$79.34, up US$6.47, or 8.88 per cent, by 11.05pm GMT (Monday, 7.05am, Singapore time).
US West Texas Intermediate crude jumped US$5.36, or 8 per cent, to US$72.38 a barrel after touching a high of US$75.33 earlier.
Israel launched a new wave of strikes on Tehran on Sunday, and Iran responded with more missile barrages, a day after the killing of Supreme Leader Ali Khamenei pitched the Middle East and the global economy into deepening uncertainty.
At least three tankers were damaged off the Gulf coast and one seafarer was killed as Iranian retaliation for US and Israeli strikes exposed ships to collateral damage, shipping sources and officials said on Sunday.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
