After US attack on Iran: Oil prices rise significantly

New York/London. Crude oil prices rose on Monday morning following the US attack on Iranian nuclear facilities. The price of a barrel (159 liters) of North Sea Brent crude for delivery in August climbed by as much as six percent to $81.40 in the first few minutes of trading this week, reaching its highest level since mid-January. However, the price gain quickly faded somewhat – most recently, the Brent price rose by one and a half percent to $78.18.

The price of a barrel of US WTI crude was recently just over $75, only slightly above Friday's closing price, after rising as much as five percent at the start of trading. The development of oil prices currently depends primarily on the situation in the Middle East. Since the start of the war between Israel and Iran on June 13, the Brent price has climbed by almost 13 percent, while the WTI price has risen by almost eleven percent.

Over the weekend, the United States joined Israel's war against Iran and bombed underground Iranian nuclear facilities. US President Donald Trump's actions have raised international fears about an escalation of the war in the oil-rich Middle East.

Iran threatened the US with consequences. Possible retaliation by Iran could include further airstrikes against Israel, attacks on US troops in the Middle East, terrorist attacks in the US, and a closure of the Strait of Hormuz.

RND/dpa