Oil Prices Surge Past $90 Amid US-Iran Tensions Raising Supply Concerns

Oil prices have surged to a one-month high as escalating tensions between the United States and Iran fuel fears of prolonged disruptions to global energy supplies. Brent crude is currently trading around $90 per barrel, while West Texas Intermediate (WTI) crude stands near $84 per barrel, marking the highest levels since June 11. The price rally has persisted for a full week following the intensification of military confrontations between Washington and Tehran, raising concerns about potential sustained impacts on the Strait of Hormuz, a critical maritime chokepoint through which about one-fifth of the world's seaborne oil passes.

In currency markets, trading opened with the US dollar priced at approximately 3.03 Israeli shekels and the euro around 3.47 shekels, levels similar to the official rates set on Friday. Additionally, the Tel Aviv Stock Exchange is set to begin its weekly trading session at 10:00 AM. The exchange experienced declines exceeding one percent over Thursday and Friday combined, following a volatile week during which major indices had surged by more than 2%.