Crude oil prices increased on Monday morning following escalating military tensions between the U.S. and Iran over the weekend.
Iran’s strikes hit U.S. bases in Kuwait, Bahrain, Jordan, Oman, and Qatar, according to state media, as retaliation for renewed U.S. bombings.
U.S. Central Command reported on Sunday that American forces targeted dozens of sites across various locations to impair Tehran’s capacity to attack vessels crossing the Strait of Hormuz.
Iran’s parliament speaker Mohammad Bagher Ghalibaf wrote in a social media post: “The era of one-sided deals is OVER. We told you: keep your word or pay the price. Reality is knocking.”
Brent crude surged early Monday to nearly $80 per barrel before trimming some of those gains and trading around $78/bbl. Prices still sit below the levels seen before the fragile interim peace agreement was signed in mid-June.
Global equities generally looked cautious, and bond yields increased on Monday morning. Wall Street futures were in the red before the opening bell, and European shares opened lower.
Global stocks looked volatile early Monday as investors prepare for a busy week that will feature second-quarter earnings reports and U.S. June inflation data.
On Tuesday, U.S. consumer price inflation data for June will be released, and it is expected to be closely monitored for signs of underlying inflation.
By CEO NA Editorial Staff
