Oil prices rise again as Israel-Iran conflict escalates
Stockholm, June 16 (Hibya) – Oil prices continued to rise on Sunday, adding to last week’s 7% increase, as the deepening conflict between Israel and Iran threatened global oil supply.
U.S. crude rose 1.2% to $73.85 per barrel. The global benchmark Brent increased by 1%, reaching $75 per barrel.
On Monday morning local time, after Israel stated that Iran had launched a new round of missiles, explosions were reported in the coastal city of Haifa, buildings were damaged, and infrastructure caught fire.
Footage from the attacks showed missiles striking the area around an oil refinery in Haifa.
The conflict has raised fears of disruptions to oil exports from the region. Analysts also voiced concerns about a broader conflict that could affect the flow of oil through the Strait of Hormuz – the planet’s most critical passage for oil supply.
British News Agency
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