Oil prices jump over Middle East escalation fears

Oil prices rose on Monday due to concerns about escalating conflict in the oil-rich Middle East.

International benchmark Brent crude traded at $80.67 per barrel, a 0.49% increase from the previous session's closing price of $80.28 per barrel, News.Az reports.

The American benchmark West Texas Intermediate (WTI) traded at $77.50 per barrel, up 0.44% from the previous session's close of $77.16 per barrel.

Both benchmarks started the week with upward movements following an attack in the Golan Heights.

Despite cease-fire negotiations, escalating geopolitical tensions in the Middle East, home to a vast majority of global oil reserves, increases supply risk in the markets.

On Saturday, a missile attack was carried out on a football field in the town of Majdal Shams in the Golan Heights, killing 12 people.

Israel blames Hezbollah for the attack, but the Lebanese group denied playing any role.

News.Az