Washington, DC – Global energy markets saw a significant rise in oil prices early Monday morning as markets opened. This came amid escalating military developments and tit-for-tat strikes between the United States and Iran in the Middle East. As a result, widespread concerns have arisen regarding the security of supplies and international trade routes.
Strong gains for Brent and West Texas Intermediate crude
Oil futures saw immediate gains at the start of trading. Official data released at 1:02 AM Moscow time showed that Brent crude futures for December delivery rose 2.34% compared to the previous closing price, settling at $90.35 per barrel. Similarly, West Texas Intermediate (WTI) crude futures for October delivery climbed 2.64%, reaching $85.64 per barrel by 1:06 AM Moscow time. This reflects growing investor concern about the potential for an escalation of the military conflict in the region. “Brent crude futures for December rose 2.34% to $90.35, while WTI crude futures climbed 2.64% to $85.64.”
Targeting King Hussein and Azraq bases in Jordan
This sharp rise in the markets coincided with the Iranian Revolutionary Guard’s announcement that its Aerospace Force had carried out large-scale attacks using ballistic missiles and drones. The Revolutionary Guard explained that the operations targeted technical infrastructure, maintenance facilities, and aircraft hangars at the King Hussein and Azraq air bases in the Hashemite Kingdom of Jordan. The official Iranian statement also confirmed that these strikes inflicted “heavy losses” on the targeted sites. It emphasized that this action was a retaliatory measure in response to the American attack on Larak Island. Furthermore, Tehran issued stern warnings that any new attack or military escalation would inevitably be met with an “even harsher” response from its armed forces. This signals a highly dangerous phase for the stability of the region.
