WorldStage– As the US-Israel war on Iran continue, oil prices spiked early Monday in early Asian trade where Brent Futures and WTI Futures briefly traded at $82.37 per barrel and 72 per barrel respectively.
The price reflected over 8 percent and 10 percent respective increase—even across many other indexes outside of the Persian Gulf—compared to the closing price.
The spike followed the news of Iran’s strike on three ships passing through the Strait of Hormuz when hostilities began on the weekend.
The straight controls 20 percent of the world’s energy traffic, and has remained a source of brinkmanship for Iran to escalate hostilities to a global level.
Traffic has gone down since Iran attacked the three ships.
While the global energy market focuses on developments in the strait, OPEC has approved a boost to oil output by its members.
The spikes retraced in the early trades, and the market continues monitoring the situation. But US President Donald Trump has insisted the war will continue for as long as it takes Iran to meet all the US demands.
Iran on Monday declared it is not ready to negotiate with the US after Supreme Leader Ayatollah Khamenei’s assassination which happened in the middle of an earlier negotiation.
Iran has been hitting Israel and states in the Middle East where the US has bases, and has also threatened to start hitting oil targets in the Gulf Region.
