Oil prices continue to rise amid supply fears

Oil prices continued to rise on Monday morning as market participants grew concerned about potential supply disruptions due to the escalating conflict between Israel and Iran.

According to Report, citing Interfax, the cost of August Brent futures on the London ICE Futures exchange rose by $0.68 (0.92%) to $74.91 per barrel as of 9:06 AM (GMT+4). On Friday, those contracts had surged by $4.87 (7.02%) to $74.23 per barrel.

WTI crude futures for July delivery on the New York Mercantile Exchange (NYMEX) increased by $0.85 (1.16%) to $73.83 per barrel. On Friday, those contracts jumped by $4.94 (7.62%) to $72.98 per barrel.

During Friday's trading session, oil prices for both benchmarks had risen by more than 13% following reports that Israel had struck Iranian nuclear facilities. Iran responded with retaliatory measures, and the exchange of strikes continued over the weekend.

According to Iranian media, the attacks targeted two energy facilities in Tehran, a defense plant in Isfahan, an electronics facility in Shiraz, and the Shahr-e Rey oil refinery complex south of the Iranian capital.

Trading Economics noted that the potential for broader conflict in the Middle East threatens shipping through the Strait of Hormuz—a critical route for around 20% of global oil supplies.