Oil prices rise 4% amid Middle East escalation

Global oil prices rose 4% on Monday morning following the exchange of strikes between the US and Iran, Report informs referring to trading data.

The price of September Brent crude futures rose 4.14% from the previous close to $79.16 per barrel, while August WTI futures rose 4.2% to $74.41.

US Central Command announced the start of a new series of strikes on Iran on Monday night.

On Monday morning, the Iranian Defense Forces (IDF) Press Service reported drone strikes on US military deployments, air defense systems, missile systems, and US military depots in Kuwait. Iran's Islamic Revolutionary Guard Corps (IRGC) reported striking helicopter repair facilities, aircraft hangars, and a drone command center at a US base in Bahrain in response to Washington's military action.