Oil prices rose Monday after a weekend of resumed military action in the Middle East.
U.S. oil increased by 2.1%, trading at $85.14 per barrel. Meanwhile, Brent futures rose 2% to reach $89.90.
The resurgence of hostilities came after weeks during which the Trump administration intensified efforts to penalize Tehran and its business partners through costly economic sanctions, moving away from military measures.
Over the weekend, President Trump extended his military threats against Iran to Kharg Island, the country’s main oil export terminal, saying in a social media post, it’s “going to be blown to smithereens!”
On Sunday, American forces targeted two Iranian rocket launchers on Larak Island after the military stated that Revolutionary Guard forces were preparing rockets equipped with sea mines for launch into the Strait of Hormuz.
Stock futures declined Monday, with Dow Jones futures down 155 points (0.29%), S&P 500 futures dropping 0.36%, and Nasdaq-100 futures slipping 0.4%.
By CEO NA Editorial Staff
