Oil prices jumped to a five-month high after the US bombed Iran’s nuclear facilities, increasing the likelihood that Tehran would respond by attacking energy infrastructure in the region or shipping in the Strait of Hormuz.
Brent crude, the international oil benchmark, soared to $81.40 a barrel, its highest level in five months, when the market opened on Monday morning in Asia before moderating to $78.79, up 2.3 per cent on the day. US marker West Texas Intermediate rose by a similar margin to $75.47.
Further moves in the oil price this week will depend on exactly how the Islamic republic or its proxies such as the Houthis choose to retaliate, analysts said.
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