FX.co ★ Oil Climbs Further on Israel-Iran Conflict

WTI crude oil futures rose to $74.1 per barrel on Monday, marking a second consecutive session of gains. This uptick follows a weekend of heightened hostilities between Israel and Iran, which stoked concerns of potential disruptions in Middle East oil supplies. The tension escalated when Israel targeted the South Pars gas field in the Persian Gulf, resulting in the closure of a production platform. This attack came after Israel conducted airstrikes on Iran’s nuclear sites and military leaders last week. On Friday, crude prices soared 7%, with an intraday spike of over 13%, reaching their highest point since January, sparked by fears of the conflict's potential expansion impacting a major oil-producing area. Compounding market concerns, U.S. President Donald Trump announced last week that he would soon set tariff rates for trade partners, while specifics regarding the U.S.-China trade agreement remain unclear.