Oil jumps as US-Iran conflict escalates, disrupts shipping

Core Viewpoint - Oil prices surged over 8% due to escalating conflicts between Iran and Israel, disrupting shipping in the Middle East and causing significant damage to tankers [1][2]. Oil Market Impact - Brent crude futures reached a high of $82.37 per barrel, closing at $79.34, an increase of $6.47 or 8.88% [2]. - U.S. West Texas Intermediate crude rose by $5.36, or 8%, to $72.38 per barrel after hitting a peak of $75.33 [2]. - Analysts predict that oil prices could spike to $100 per barrel amid the ongoing conflict [4]. Geopolitical Tensions - The conflict intensified following the killing of Iranian Supreme Leader Ali Khamenei, leading to increased military actions from both Israel and Iran [2][5]. - At least three tankers were reported damaged in the Gulf, with one seafarer killed due to Iranian retaliation against U.S. and Israeli strikes [3]. Broader Market Reactions - Gold prices increased by over 1% as investors sought safe-haven assets amid rising geopolitical tensions [5]. - Analysts warn that U.S. gasoline prices are expected to rise following the attacks on Iran [4].