US-Iran Strikes Push Brent Crude Up Over 4%

Brent crude futures climbed to between $79 and $83 per barrel, a gain of over 4%, after the U.S. and Iran exchanged retaliatory military strikes over the weekend. The escalation raised concerns about supply disruptions in the Middle East, a key oil-producing region.

The strikes disrupted shipping routes, adding to worries about the safe passage of tankers through the Strait of Hormuz, through which about a fifth of global oil consumption passes. Traders priced in the risk of further disruptions as both nations signaled they might continue military action.

The price jump marked one of the largest single-day gains for Brent in recent months. Analysts said the market was reacting to the immediate threat to oil infrastructure and logistics, rather than any actual halt in production.

The U.S. and Iran have traded barbs and military actions in recent days, with each side vowing to respond to any further aggression. The situation remains fluid, and oil prices are likely to stay volatile until there is a de-escalation.

The higher crude prices could feed into consumer costs, including gasoline and heating oil, adding to inflationary pressures in the U.S. and other major economies. However, the full impact will depend on how long the conflict lasts and whether oil supply is actually cut.