Oil Prices Swing on Middle East War Risks and Iran Relief
Oil prices swung as threats to Iranian energy facilities offset the impact of eased sanctions. Iraq declared force majeure as regional production fell sharply.
Global crude markets experienced significant volatility on Monday as investors weighed the threat of military strikes against energy infrastructure against the potential for increased supply from eased sanctions. The market remains on edge following conflicting signals from the United States regarding its stance on the ongoing conflict involving Iran.
Brent crude futures climbed 65 cents to reach $112.84 per barrel, while U.S. West Texas Intermediate rose 84 cents to $98.75. Earlier in the trading session, both benchmarks had dropped by more than $1. The price gap between Brent and WTI has widened to over $13, marking its most significant spread in several years.
