(RTTNews) – Oil prices jumped more than 4 percent on Monday, rebounding from a two-session decline after Iran and Israel exchanged missile strikes, derailing U.S. President Donald Trump’s efforts to secure a peace deal.
Brent crude futures for August delivery were up 4.4 percent at $97.16 a barrel, while WTI crude futures for July delivery jumped 4.3 percent to $94.44.
Middle East peace hopes faded after Israel struck Hezbollah targets in Beirut’s southern suburbs over the weekend and Iran retaliated by launching a volley of missile strikes against Israel.
Israel struck military targets in western and central Iran in the early hours today, dimming hopes for de-escalation and a reopening of the Strait of Hormuz.
Israel said it hit a petrochemical plant in Iran’s southwest, despite U.S. President Trump telling Prime Minister Benjamin Netanyahu Sunday not to retaliate against Iran’s missile strike and allow more time for diplomacy.
Trump told Axios, “We are very close to a final deal with Iran. It’s going to be a good deal.”
Meanwhile, amid the worsening supply crisis, OPEC+ on Sunday agreed its fourth increase in oil output in four months.
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