Doha: Oil prices jumped in early Asian trade on Monday amid escalating tensions in the Middle East. Brent crude futures rose $1.70, or 2.3%, to $75.93 a barrel. US West Texas Intermediate crude climbed $1.62, or 2.2%, to $74.60. They surged more than $4 earlier in the session.

According to Qatar News Agency, both benchmarks settled 7% higher on Friday, having surged more than 13% during the session to their highest levels since January. The increase in oil prices is attributed to the growing unrest in the Middle East, which has raised concerns over potential supply disruptions in the region, a key hub for global oil production.

The latest developments in the Middle East have put significant pressure on oil markets, as traders and investors remain vigilant over any further escalation that could impact oil exports. The rise in prices reflects market reactions to the uncertainties surrounding geopolitical tensions and their potential effect on oil supply chains.

The oil market’s sensitivity to geopolitical ev
ents underscores the importance of stability in the Middle East for maintaining consistent global oil prices. As the situation unfolds, market analysts are closely monitoring the region for any signs of resolution or further conflict that could influence future oil price movements.