Oil futures rose by more than 3% during Monday’s trading, reaching their highest levels since January, amid escalating tensions in the Middle East following U.S. strikes on Iran and Tehran’s threat to close the Strait of Hormuz.
Brent crude futures for August delivery climbed 1.45%, or $1.11, to $78.12 as of 08:01 a.m. Mecca time, after hitting $81.40 earlier in the session.
Similarly, U.S. WTI crude futures for August delivery rose by 1.5%, or $1.12, to $74.96, after touching $78.40.
Early Sunday, the United States carried out strikes using stealth aircraft and bunker-busting bombs on three nuclear sites in Iran. President Donald Trump announced their complete destruction and warned Tehran of even stronger strikes if it carried out any retaliatory response.
Meanwhile, the Iranian parliament voted in favor of the principle of closing the Strait of Hormuz — the maritime passage through which about 20% of the world’s oil and gas is transported. It was announced that the final decision depends on the approval of Iran's Supreme National Security Council.
U.S. Secretary of State Marco Rubio warned Iran against attempting to close the Strait of Hormuz and called on China to pressure Tehran not to shut the strategic waterway
