Brent Oil Prices Surge Past $90 Amid US-Iran Tensions, Set for Largest Monthly Gain Since March
Oil prices surged sharply on Monday as trading opened, driven by escalating tensions between the United States and Iran. The price of Brent crude oil for September delivery jumped over 2.5%, surpassing $90 per barrel for the first time since June 11. This marks the highest monthly increase in oil prices since the peak of the conflict in March, according to reports from the Financial Times.
David Roche of Quantum Strategy highlighted in a recent analysis that current rates of oil inventory depletion could lead to significantly reduced stockpiles by September. Roche projects Brent crude prices could climb further to a range between $95 and $105 per barrel. Meanwhile, the Tel Aviv stock exchange opened with slight gains but quickly shifted to declines, with leading indices falling approximately 0.4% at the time of reporting.
The market response reflects concerns over supply constraints amid geopolitical instability, with traders closely monitoring developments between the US and Iran that could impact global oil availability and prices in the coming months.
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