Brent сrude rises 4.55% amid escalating tensions in Middle East

Global oil prices climbed more than 4.5% as investors reacted to escalating tensions in the Middle East.

According to trading data cited by Report, August futures for Brent crude rose 4.55% from the previous close to $97.33 per barrel, while July futures for West Texas Intermediate gained 4.45% to $94.57 per barrel.

Market participants are closely monitoring developments in the region. Earlier, Iran launched several missiles toward northern Israel. Subsequently, the Israel Defense Forces announced that it had carried out strikes against military targets in central and western Iran.